A Review of the Nigerian Energy Industry

Halliburton profits down 8% in margin squeeze

The company logo of Halliburton oilfield services corporate offices is seen in Houston23 July 2013 – US services giant Halliburton has seen its net income from continuing operations fall 8.38% year-on-year to $677 million in the second quarter.

Chief executive Dave Lesar said Halliburton “continues to be optimistic” about the second half of the year as a whole and to “continue growing our North America margins, and continued revenue and margin expansion in our international business”.

The quarterly bottom line compares to $739 million this time last year and $624 million in the first quarter, when a $637 million charge for Macondo settlements meant a net loss of $18 million.

The fall came despite a record revenue tally of $7.3 billion for the American contractor.

The company said the past three months had seen a Canadian seasonal spring lull, disappointing revenues in Latin America and a relatively flat US land rig count.
*Bill Lehane, Upstreamonline

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