Halliburton reports $627M in 1Q net income

Halliburton, a Houston-based energy services company, on Wednesday reported net income of $627 million for the first quarter compared with $511 million the same quarter last year.

The company, which recently announced it would build a hydraulic fracturing sand terminal in the Great Western Industrial Park in Windsor that would bring more than 500 jobs, posted $6.8 billion in revenue during the first three months of the year. That revenue figure represented a more than 30-percent increase from the $5.2 billion the company reported during the first quarter of 2011.

Halliburton also operates a facility along U.S. Highway 85 between Brighton and Fort Lupton.

“Despite the 17-percent decline in the United States natural gas rig count and a modest decline in overall United States rig count, our North America revenue increased from the prior quarter to a new record with only a modest decline in operating margins,” Halliburton CEO Dave Lesar said in an earnings statement.

Halliburton consists of a drilling and evaluation division and a completion and production division.

The company posted $4.3 billion in first-quarter completion and production revenue, an increase of $1.1 billion. Higher demand for pressure-pumping services in the U.S. land market and the acquisition of Multi-Chem Group LLC accounted for most of the increase.

Drilling and evaluation revenue increased $468 million to $2.6 billion during the first quarter mostly because of higher drilling activity and strong demand for other services.

Halliburton also said it set aside $300 million for the amount of “probable losses” related to the Gulf oil spill, according to the statement. As a contractor for BP PLC, the company provided cement for the Macondo well in 2010.

You have 2 free articles remaining this month.
Want to see more? Login or Subscribe.

Leave a Reply

Your email address will not be published. Required fields are marked *


Social Network

Facebook Icon
Twitter Icon
LinkedIn Icon
©2016 BizWest The contents of this website are copyright BizWest Media, LLC. All rights reserved.
Use of any of this informatino or media on this site is strictly prohibited withotu express written consent.