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

tjdavis posted a video

“What’s His Motive?” - Inside The Mind of George Soros

In this short clip, Patrick Bet-David, Sebastian Gorka Adam Sosnick, and Tom Ellsworth George Soros and what motivates him to do the things he does. FaceTime...
yesterday
Doc Vega posted blog posts
Wednesday
cheeki kea favorited Bob of the Family Renner's photo
Tuesday
cheeki kea commented on Doc Vega's blog post Plausible Explanation Behind Recent Cryptid Sightings in the Wild!
"If you're ever out there Doc V and notice giant two legged birds roaming the wilderness be…"
Tuesday
Doc Vega posted blog posts
Tuesday
Burbia commented on TommyD's group The Chuckle Hut
Monday
Doc Vega posted blog posts
Sunday
Doc Vega posted photos
Aug 23
Doc Vega posted a blog post

Ashrams and Moonies Perfect Case for Mind Control

 In the late 60’s and into the 70’s we saw a strange phenomenon emerge! That was the rise of cults…See More
Aug 22
Doc Vega posted a blog post

Modern Progress

 From some things you just can’t come backNot everyone has your backIt might just be a nuclear…See More
Aug 21
Bob of the Family Renner favorited tjdavis's photo
Aug 21
Less Prone favorited Sandy's discussion Sick sci-fi sex fantasy written by Epstein's first benefactor people say inspired his twisted island... before author's SON ended up arresting him
Aug 21
Doc Vega commented on tjdavis's photo
Thumbnail

Now Playing

"They sure as hell are! "
Aug 20
Doc Vega commented on Doc Vega's blog post Plausible Explanation Behind Recent Cryptid Sightings in the Wild!
"cheeki kea, yes they have already produced a Wooly Mammoth by crossing DNA from frozen remains in…"
Aug 20
Less Prone favorited tjdavis's photo
Aug 20
Less Prone favorited Bob of the Family Renner's photo
Aug 20
Less Prone favorited tjdavis's photo
Aug 20
Less Prone left a comment for Misteri
"Welcome back!"
Aug 20
tjdavis posted blog posts
Aug 19
tjdavis posted photos
Aug 19

© 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