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Halliburton profit jumps on strong U.S. demand
Posted By admin On July 18, 2011 @ 7:32 am In Money Watch | Comments Disabled
July 18, 2011
Halliburton Co , the world’s second-largest oilfield services company, reported a forecast-topping 54 percent jump in quarterly profit on Monday as a U.S. drilling boom showed no signs of cooling off.
High oil prices have prompted energy producers to plunge billions of dollars into developing fields such as Texas’ Eagle Ford shale, a move that allowed Halliburton to push through price increases in the quarter.
Halliburton is the leader in the North American market in pressure pumping technology that enables oil and gas producers tap in the shale fields, and its second quarter results show it benefited from that market position.
“It was both top and bottom lines, and a significant component was pricing,” said Roger Read, analyst with Morgan Keegan & Co.
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