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Wednesday, 20 August, 2008, 07:10 GMT | more prices >>

Halliburton nets profit jump



By Upstream staff 

US oilfield servuices giant Halliburton has seen its third-quarter net profit increase by 19%, helped by a tax benefit, new international contracts and higher activity from its customers.

Halliburton, which earlier this year opened a headquarters in Dubai to capture contracts in the faster-growing Eastern Hemisphere markets, had been hit by pricing pressure in its largest North American market.

The company reported a net profit of $727 million, or 79 cents a share, compared with $611 million, or 58 cents a share, in the same quarter a year earlier.

Results for the 2007 third quarter include a favorable income tax impact of $133 million, or 15 cents per share, and a charge of $21 million, or 2 cents per share, for reserves related to environmental matters.

Consolidated revenue in the quarter climbed 16% from a year ago to $3.9 billion, Reuters reported.


Monday, 22 October, 2007, 01:40 GMT  | last updated: Monday, 22 October, 2007, 06:49 GMT

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