Onshore work lifts Halliburton profit profisurges in first quarter |
| Houston Chronicle - Apr 19, 2011 |
Halliburton Co. said its profit more than doubled in the first quarter as surging business onshore in North America more than offset declines from political turmoil in North Africa, delays in Iraq and a slowdown in the Gulf of Mexico.
Net income rose to $511 million, or 56 cents a share, up from $206 million, or 23 cents a share, a year earlier, said the oil field services giant, with dual headquarters in Houston and Dubai. Revenue jumped 40 percent to $5.28 billion.
Excluding a charge of $46 million related to its suspended operations in battle-torn Libya, the company said it earned $557 million, or 61 cents a share.
Analysts had forecast earnings of 58 cents on revenue of $4.9 billion, according to a poll by Thomson Reuters.
Halliburton, the first major oil and gas services firm to report quarterly earnings, attributed the higher profit to added activity levels in North American shales and other so-called unconventional rock formations, where large natural gas and crude oil deposits have been found in recent years.
Read Full Article from Houston Chronicle
- Posted: 2011-04-19 05:09:53
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