The board of directors also passed a resolution increasing the authorization of Halliburton's common share repurchase program by an additional $2 billion. The share repurchase program does not require Halliburton to acquire any specific number of shares and may be terminated or suspended at any time. This additional authorization may be used for open market share purchases or to settle the conversion premium over the face amount of the company's 3 1/8% convertible senior notes, should they be redeemed.
In February 2006, Halliburton's board of directors authorized an initial $1 billion share repurchase program. In September 2006, the authorization was increased by an additional $2 billion. The further $2 billion increase announced today brings the aggregate authorization to $5 billion. As of July 10, 2007, Halliburton has repurchased under this authorization approximately 65.9 million shares at a total cost of $2.2 billion.
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