Halliburton flat on guar costs

Counting the beans: guar costs hampered Halliburton in Q2

Reuters/Scanpix

Eoin O'Cinneide

 23 July 2012 11:53 GMT

The spiraling cost of guar gum was one reason behind a slight drop in net profit at Halliburton in the second quarter.

The contractor behemoth also had to deal with a general weakness in much of the North American market but other markets sent total revenue soaring.

Net profit for the three months to the end of June was $739 million as against $741 million a year earlier.

This was despite revenues jumping from $5.94 billion to $7.23 billion with both the completion and production and drilling and evaluation businesses performing well.

All international regions saw a double-digit percentage growth in revenue and operating income but margins were down in North America on rising costs and pricing pressure.

Compared to the first quarter of…

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