Halliburton Profit Rises as U.S. Oil Fracking Demand Grows
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Halliburton Co., the world’s largest provider of hydraulic-fracturing services, weathered producers’ shift from natural-gas basins to oil fields in the U.S. and Canada better than analysts expected in the first quarter.
Net income climbed to $627 million, or 68 cents a share, from $511 million, or 56 cents, a year earlier, Houston-based Halliburton said in a statement today. Excluding a $191 million charge related to the 2010 Macondo well explosion, the company beat by 4 cents the average of 32 analysts’ estimates compiled by Bloomberg. Sales climbed 30 percent to $6.9 billion.