Halliburton reports record revenue amid natural gas-to-oil shift

Halliburton reports record North America revenue

Halliburton Co. drilling a well using hydraulic fracturing in 2004. The company reported record revenue in North America even as natural gas production drops. (Los Angeles Times / April 18, 2012)

Halliburton Co., one of the world’s largest oil services businesses, pulled in record revenue in North America as the energy industry shied from natural gas production and boosted oil field exploration instead.

The Houston firm’s revenue in North America reached $4.2 billion, helping to push overall first quarter revenue up 30% to $6.9 billion, the company said Wednesday. Halliburton’s profit boomed 22.7% to $627 million, or 69 cents per share, up from $511 million, or 56 cents per share, during the same quarter in 2011.

Halliburton, which aids companies in constructing oil and gas wells, pointed to “a significant rig-shift that is taking place in the U.S. between natural gas and oil” which has oil field rigs up 12% to a 25-year high but natural gas rigs down 17%.

Natural gas production for Halliburton is sliding due to oversupply and declining prices, which was “dramatic and disruptive to operations,” said Chief Executive David J. Lesar in a conference call with analysts. Spot natural gas prices are down about 50% from the same period last year, Lesar said.

With crude prices rising in the meantime, oil firms increasingly are on the lookout for more U.S. fields to drill.

The Energy Department said Wednesday that the nation’s supply of crude oil rose 1.1% last week – a 3.9 million barrel boost to 369 million barrels. Gasoline supply fell 1.7%, or 3.7 million barrels, to 214 million barrels as demand dropped compared to a year earlier.

Halliburton also reported a $300-million charge for “probable losses” related to the 2010 explosion at the Macondo well on the Deepwater Horizon drilling rig, which killed 11 workers in the Gulf of Mexico and resulted in the largest offshore oil spill in U.S. history.

On Wednesday, approaching the two-year anniversary of the spill, the Deepwater Horizon Natural Resource Damage Assessment Trustee Council said that eight restoration projects costing roughly $60 million soon will begin along the Gulf Coast. The efforts will aid in marsh creation, coastal dune habitat improvements, artificial reef creation, boat ramp construction and more.

Also Wednesday, oil giant BP and attorneys representing thousands of people claiming economic damages from the spill asked a federal judge to give preliminary approval to a proposed, $7.8-billion class-action settlement.

Halliburton is the world’s second-largest company in its field behind multinational rival Schlumberger Ltd. but leads U.S. competitors in hydraulic fracturing – a pumping process used to release oil and gas from underground shale formations.

The company's stock was trading up 4.2%, or $1.38, to $34.04 in midday trading in New York.

http://www.latimes.com/business/money/la-fi-mo-halliburton-earnings...

Views: 124

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Doc Vega's 7 blog posts were featured
8 hours ago
tjdavis's blog post was featured
8 hours ago
Burbia's blog post was featured

Mystery illness strikes Russia with fever, blood symptoms, and no cure in sight.

I guess releasing this bio-weapon upon Israeli neighbors would be hitting too close to home. I…See More
8 hours ago
Less Prone commented on Doc Vega's photo
Thumbnail

main-qimg-357a10f7111dcf87a3cc6e2afad83855

"Islam is only a phase preceding a total Talmudic rule and a new world religion."
8 hours ago
Less Prone commented on tjdavis's photo
Thumbnail

WWRJD

"I doubt a d-rat Jesus would be better. Much worse. “Politicians are the lowest form of life…"
8 hours ago
Less Prone favorited tjdavis's photo
8 hours ago
Doc Vega posted blog posts
16 hours ago
cheeki kea commented on cheeki kea's photo
Thumbnail

Lost History

"The Tartar wall - aka The Great Wall of China is hundreds of years old and was up and running in…"
17 hours ago
cheeki kea posted a photo
18 hours ago
tjdavis posted a blog post
yesterday
tjdavis posted a photo
yesterday
Doc Vega posted blog posts
yesterday
Doc Vega posted a photo
Wednesday
Doc Vega posted a blog post

No Place to Hide

Stumbling through this confusing lifeLike a blunt and rusty knifeSo why is there all this…See More
Wednesday
Burbia posted a blog post
Wednesday
cheeki kea posted a photo
Wednesday
cheeki kea commented on cheeki kea's blog post Vaccines Cause Autism: The Burden of Proof has been met.
Wednesday
cheeki kea posted a blog post
Wednesday
tjdavis posted a video
Wednesday
cheeki kea commented on Burbia's video
Thumbnail

Soros Will Never Recover..Elon AIR The whole Thing

"Good find Burbia. It can only get worse. Is Soros too big to fail for he has his thumb in every pie…"
Monday

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted