Halliburton’s Q2 Profit Beats Estimates (HAL)

PUBLISHED: Jul 23 2012 @ 09:46 | Comments (0) | More info about Ed Liston

Oil and natural gas services company Halliburton Company (NYSE:HAL) reported that its second-quarter net income was flat due to a slowdown in North American drilling. However, the company’s adjusted earnings beat Street estimates.

The Houston, Texas-based company reported second-quarter net income of $737 million, or $0.79 per share, compared to $739 million, or $0.80 per share reported for the same period in 2011. Excluding one-time items, HAL reported a profit of $0.80 per share, beating consensus forecast of $0.75 per share.

Revenue for the second quarter rose 22% to $7.23 billion, beating consensus forecast of $6.93 billion.

CEO Dave Lesar noted that HAL benefited from an increase in drilling projects overseas. The company reported a 3% increase in number of rigs operated internationally in the second quarter. However, the increase overseas was offset by a weakness in North American drilling as a number of oil companies cut back on drilling in the region following a drop in natural gas prices. Rig activity in North America dropped 17% in the second quarter, according to Lesar.

HAL stock has fallen sharply in early trading today. At last check, the stock was down 3.67% to $29.62.

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