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.

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