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August 2010 
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Halliburton Profits Fall 48 Percent In Q2 |
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Pauline Renaud, July 2009 |
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(21 July 2009)
Oilfield services provider Halliburton saw its second-quarter earnings fall by 48 percent on decreasing demand and lower prices, particularly in North America, according to Dow Jones. But this figure is smaller than analysts had expected, due to strong margins in international markets such as Asia and the Middle East.
Net profit came in at $262m compared with the $504m the company made in the same period last year. Revenue dropped 22 percent to $3.49bn.
“Any recovery in gas drilling is likely to be relatively modest for the rest of 2009,” added chief executive David Lesar during a conference call.
According to Dow Jones, the US gas drilling rig count has dropped, falling by more than half from its highest level of 1606 rigs in September.
But Mr Lesar added that, “with the increase in oil prices and recent contract wins, I’m actually feeling better about the international markets now than I did,” in the first quarter. Oil prices have doubled since the beginning of the year.
The company however said that it would move about 15 percent of its oil and gas equipment out of North America to put in more profitable places, as Halliburton does not expect North America to experience a significant rebound until next year.
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