Halliburton net income plunges 26pc
Houston (US), January 26, 2013
Halliburton's net income for the fourth quarter declined 26 per cent on pricing pressures in the North American market and one-time charges from the Deepwater Horizon disaster, as well as acquisitions.
Yet adjusted results beat Wall Street expectations, and shares rose 4 per cent before the opening bell yesterday.
The oilfield services company earned $669 million, or 72 cents per share, for the three months ended December 31. That's down from $906m, or 98 cents per share, a year ago.
Removing one-time charges and gains, earnings from continuing operations were 67 cents per share.
Revenue increased 3 per cent to $7.29 billion from $7.06bn, bolstered by international growth - particularly in the Middle East, Asia and Latin America.
The company said that its quarterly revenue performance was the highest in its history.
The entire sector is under pressure due to a glut of natural gas in North America. Schlumberger, another oilfield services company, has pushed operations overseas, and while Halliburton had traditionally kept its focus closer to home, it is looking increasingly abroad.
And it's expertise in the epicentre of hydraulic fracturing could give the company cache in countries desperate to use the same technology to ease their energy dependence.-Reuters
More INTERNATIONAL NEWS Stories
- $5bn poll spend to boost India economy
- Libya authorises use of force against Korean tanker
- Ukraine PM says he will go to US to discuss crisis
- Syrian journalist killed covering fighting
- Malaysian jet may have turned back before vanishing
- No sign of missing plane; Malaysia probes false passports
- Two Europeans not on board 'missing' Malaysian jet
- China draws red line on North Korea
- Saudi sentences three to death for 2003 bombing
- First bitcoin machine opens in UK
- US sanctions will boomerang, warns Russia
- China plans $50bn bank to fund projects
- Sony to sell Tokyo 'birthplace'
- Obama orders sanctions over Russian moves
- Crimea parliament votes to join Russia
- Arab League to be revamped
- 'Upskirting' is legal: Massachusetts court
- Singapore probes 'unnatural' death of bitcoin trader
- Onus on world powers for Syria war crimes: UN
- US, Russia set for talks on Ukraine crisis
- Brent oil drops below $109
- Services outshine manufacturing, pushing up jobs
- Bitcoin bank shut down after hacker attack
- India to kick off world's biggest poll on April 7
- China signals focus on reforms
- Hundreds ready for bitcoin exchange class action
- Space taxi, Jupiter mission in Obama budget
- Putin: Use of force last resort in Ukraine
- Powers to boost Lebanese military, economy
- Egypt bans Hamas activities in Egypt