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.
Closing Bell: Stock bulls and dollar death (DDRX,GMCR, PEET, SBUX, EBAY, CI, TECD)
So long peak oil, here comes peak uranium
Black Friday expected to be strong, no promises for Christmas
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.