Halliburton Profits Nearly Double

Published by: Dave Simmons on 24th Jan 2011 | View all blogs by Dave Simmons
Halliburton Profits Nearly Double

Halliburton Co., the world's second largest provider of oilfield services, released fourth-quarter results on Monday, posting an impressive 83 percent jump in revenue as increasing oil prices helped boost demand for drilling equipment in North America.

The company reported that sales in North America, its largest cource of revenue, climbed 83 percent in the quarter to $2.63 billion, helping the company offset a loss from its Gulf of Mexico operations.  The Houston-based company said that it is unsure of how many rigs will resume operating in the Gulf of Mexico this year in the continued aftermath of BP's catastrophic oil spill.

President Obama ended a moratorium on deep-water drilling in the Gulf, enacted just after the BP spill, considered the worst in US history, in October.  Haliburton's Gulf operations, meanwhile, are expected to break even or take a small loss over the next few quarters, according to the release.  The company plans on maintaining its workforce and infrastructure in the region as it anticipates a rebound in the near future.

Overall, the company's fourth-quarter net income rose to $605 million, or 66 cents per share, compared to revenue of $243 million, 27 cents per share, in the fourth quarter of 2009.  Excluding costs associated with a settlement with Nigeria, the company said it earned 5 cents more than the consensus estimate of analysts in a recent Bloomberg survey.  Total revenue for the company, meanwhile, rose 40 percent in the quarter to $5.2 billion as the price of oil jumped 12 percent in the quarter and the number of drilling rigs increased 29 percent worldwide.

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