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Last Update: 23-Jan-12 09:54 ET
Halliburton Down Sharply Following Earnings Results
Earlier this morning, Halliburton (HAL $34.89 -1.31) reported fourth quarter earnings of $1.00 per share, excluding a $0.02 environmental related charge, $0.01 better than the Capital IQ Consensus Estimate of $0.99.
Revenues rose 36.9% year/year to $7.06 billion versus the $6.81 billion consensus.
"In North America, the trend toward increased horizontal oil-directed activity continued in the fourth quarter with the United States oil-directed rig count up 8% sequentially compared to a natural gas rig count decline of 2%. We expect this trend will persist into 2012, along with continued improvements in drilling and completion efficiency, leading to an overall increase in demand for our services. Our results in North America in 2011 were truly outstanding, with each quarter setting a new record for revenue... While international markets were challenging in 2011, I am pleased with our results. Latin America had an outstanding year topped off by a fourth quarter in which revenue and operating income increased sequentially 9% and 24%, respectively."
Revenues rose 36.9% year/year to $7.06 billion versus the $6.81 billion consensus.
"In North America, the trend toward increased horizontal oil-directed activity continued in the fourth quarter with the United States oil-directed rig count up 8% sequentially compared to a natural gas rig count decline of 2%. We expect this trend will persist into 2012, along with continued improvements in drilling and completion efficiency, leading to an overall increase in demand for our services. Our results in North America in 2011 were truly outstanding, with each quarter setting a new record for revenue... While international markets were challenging in 2011, I am pleased with our results. Latin America had an outstanding year topped off by a fourth quarter in which revenue and operating income increased sequentially 9% and 24%, respectively."
