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Halliburton sees Rockies bit warming



By Upstream staff 

The chief financial officer of Halliburton said today the global oil services firm is seeing improvement in its drilling markets in the US Rocky Mountains, an area that weighed on its first-quarter results.

"There are clear improvements in activity there," Christopher Gaut, Halliburton's chief financial officer told Reuters.

When Halliburton reported its first-quarter results in April, the company said lower-than-expected drilling activity in Canada and the US Rocky Mountains hurt some segments of its business.

To combat weakness in Canada and preserve its North American profit margins, Halliburton moved workers and equipment out of Canada and cut jobs earlier in the year.

Even so, Halliburton's chief operating officer, Andy Lane, told Reuters the company is finished with cost-cutting in Canada for the year.

Lane also said that pricing in its North American pressure pumping markets, which have been soft this year, was still a "wait and see" situation for the company.

"It is still wait and see," Lane said. "We deliver tremendous value for our services and expect to be paid for that."


Thursday, 17 May, 2007, 22:40 GMT  | last updated: Thursday, 17 May, 2007, 22:40 GMT

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