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Tuesday, 07 October, 2008, 15:00 GMT | more prices >>

Halliburton primed for PSL takeover



By Upstream staff 

US oilfield services giant Halliburton, which reported higher first-quarter profit today, is set to take over PSL Energy Services after striking a deal with the company's shareholders.

The agreement is subject to regulatory approval.

Meanwhile, Halliburton reported an improvement in first-quarter profit as high energy prices boosted demand for its products, especially in international markets.

Halliburton reported a 2007 first-quarter net profit of $552 million, or 54 cents a diluted share, compared with $488 million, or 46 cents a diluted share in the same quarter a year earlier.

Net income from continuing operations rose 52 cents per share from 42 cents per share a year ago.

Chris Gaut, the company's chief financial officer, told a conference call the company expects to record a gain of $1 billion in the second quarter related to the split-off of its engineering and construction operation KBR.

Gaut also said the company expects its corporate costs to range from $65 million to $70 million in each quarter for the rest of the year.

He added the company expects to record a charge of $50 million in the second quarter related to the sale of its interest in Dresser-Rand Group Inc.


Thursday, 26 April, 2007, 09:36 GMT  | last updated: Thursday, 26 April, 2007, 14:58 GMT

Thinking big: Halliburton, which is set to move its HQ to Dubai, is set to take over PSL
 

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