Halliburton-On the rise? Message Board

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Gold/Mining/Energy : Halliburton-On the rise?

HAL 28.03

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To: tombet who started this subject	4/12/2002 8:08:53 PM
From: E_K_S	of 153

Halliburton Says It Will Appeal $98.1 Million Verdict in Patent Infringement Case Friday April 12, 8:04 pm Eastern Time Associated Press Halliburton to Appeal Patent Case (http://biz.yahoo.com/ap/020412/halliburton_patent_2.html) HOUSTON (AP) -- A jury reached a $98.1 million verdict against Halliburton Co. on Friday in a patent infringement case brought by a rival oilfield-services company. The federal court jury found that Halliburton Energy Services Inc. infringed a patent of BJ Services Co. Halliburton said it would appeal the verdict, which it said was about one-fourth the amount of damages sought by BJ Services. In recent months, Halliburton's stock has fallen sharply as the company lost verdicts totaling more than $150 million in asbestos cases. The company says it will vigorously defend itself against 274,000 pending asbestos claims. Friday's verdict involved BJ Services patent on a fracturing fluid -- liquid used to pump material into a well that improves the production of oil or gas. BJ argued during the trial this week that Halliburton's Phoenix fracturing fluid was too similar to BJ's patented Vistar fluid. BJ Services chief executive J.W. Stewart said the company had invested "tremendous research and development resources" to produce its Vistar fluid. The Houston-based company filed the lawsuit in March 2000. Halliburton said the jury did not find intentional copyright infringement. A Halliburton spokeswoman said the company began using the Phoenix fluid in wells in South Texas and the Rocky Mountains beginning in January 2000. The judge indicated that Halliburton would be ordered to stop using its fracturing fluid. Halliburton chairman David Lesar said his company was "surprised and disappointed" by the verdict. "We will appeal the verdict because we continue to believe that the (BJ) patent is invalid," he said. Lesar said Halliburton has other fracturing fluids that provide similar results to the product involved in the lawsuit, and the company would expand its use of those fluids. He said the verdict would not affect oil and gas companies that hire Halliburton. In trading Friday, Halliburton shares fell 89 cents to $16.38.

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