Dresser Industries, Inc.

Dresser Industries Inc., is a global supplier of products and services to industries involved in oil and gas production and transmission, petroleum refining and marketing and power generation. The petroleum products and services segment provides services and project management for oil and gas exploration, drilling, completion, production and transmission activities. The engineering segment consists of the M.W. Kellogg Company, which provides engineering, construction and related services primarily for the oil and natural gas processing industries. The energy equipment segment (formerly hydrocarbon processing industry) designs, manufactures and markets engineered products for oil and gas producers, transporters and processors, petroleum marketers and the power industry. The company acquired several small businesses during the year. Energy equipment accounted for 38% of 1997 gross revenues; petroleum products and services, 36% and engineering services, 26%.