Monday, April 18, 2011

Halliburton's (HAL) Earnings, Revenue Soar as Oil Prices Surge

Earnings for Halliburton (NYSE:HAL) soared in the first quarter, according to its latest report, as oil prices jumped and drilling in North America increased.

In the first quarter Halliburton generated earnings of $511 million, or 56 cents a share, easily surpassing last year's earnings of $206 million or 23 cents a share.

Dave Lesar, Halliburton chairman, president and CEO, said, "North America delivered strong performance as margins progressed due to increased activity while Eastern Hemisphere operating income was significantly impacted by geopolitical events in North Africa, delays in Iraq, and typical seasonality.”

Revenue for the quarter jumped to $5.28 billion, beating the market consensus of $4.9 billion, a 40 percent increase.

Minus one-time items, Halliburton posted earnings of 61 cents a share, beating analysts' estimates of 58 cents a share.

After unrest in Egypt slowed down production, the company said production levels are returning to former output.

Halliburton was trading at $46.96, up $0.14, or 0.30 percent, as of 11:43 AM EDT.

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