Halliburton Settles Patent Feud

Halliburton confirmed that it has settled all ongoing patent disputes involving each other's products with ReedHycalog UK, Ltd., Grant Prideco, Inc., ReedHycalog, L.P., and National OilWell Varco. The settlement agreement includes a $30 million payment to ReedHycalog as well as ongoing royalties and a cross-licensing agreement that allows the parties to continue using the products involved in the dispute.