Halliburton Results Reflect Slowdown in Energy Sector

The oilfield services company, Halliburton, said Monday that its second-quarter profit declined 48 percent because of sluggish exploration and production activity, particularly in North America.

Its earnings beat Wall Street forecasts, though the company offered little hope for an increase in drilling before year-end.

Net income for the April-June period fell to $262 million, or 29 cents a share. That compared with $504 million, or 55 cents a share, a year ago. Revenue slipped 22 percent to $3.5 billion.

One-time items aside, Halliburton said earnings totaled $274 million, or 30 cents a share. Analysts polled by Thomson Reuters were expecting earnings of 27 cents a share and revenue of $3.43 billion.

Read Full Article from New York Times

- Posted: 2009-07-20 10:56:15

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