You can tell the oil market's in rough shape when companies are drilling more to pull in smaller profits. This is the situation in which Halliburton (NYSE: HAL) finds itself, with lower energy prices pushing down the cash that comes through the door.
So, its revenue was up for the most recent quarter, but earnings were down. The $262 million that came to the bottom line is 61% lower than the profit for the same quarter the year before.
North America was difficult for Halliburton. Revenue was up 2% from the second quarter, but operating income for the region plummeted 92%. While $192 million of the company's operating income came from the Middle East, only $46 million is attributable to work on the company's home continent (well, based on the company's Houston headquarters -- it also has one in Dubai).
Obviously, changes in the price of oil are playing a major role in Halliburton's fortunes. In the third quarter of 2008, crude hit $150 barrel. A year later, it is only cost half that amount.
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Reader Comments (Page 1 of 1)
10-18-2009 @ 3:48PM
chex781391 said...
These folks are also to big and important to fail, Quick Congress-- let's give them a few BILLION and insure them with AIG. Maybe JP Morgan can be the middle man for the bail-out.