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Last Update: 17-Oct-11 09:53 ET
Halliburton Tops Third Quarter Expectations
Halliburton (HAL $35.25 -2.18) reported third quarter earnings of $0.94 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.92.
Revenues rose 40.4% year/year to $6.55 billion versus the $6.38 bln consensus.
Project delays in Iraq and the shutdown in Libya continued to have a negative impact on results in the third quarter. In Iraq, we started operating three rigs near the end of the quarter, and we expect to have six rigs by the end of the fourth quarter. Libya is in an assessment phase and is expected to make a positive contribution in 2012. Other Eastern Hemisphere markets continue to show gradual progress primarily as a result of volume increases, as international pricing remains very competitive.
Revenues rose 40.4% year/year to $6.55 billion versus the $6.38 bln consensus.
Project delays in Iraq and the shutdown in Libya continued to have a negative impact on results in the third quarter. In Iraq, we started operating three rigs near the end of the quarter, and we expect to have six rigs by the end of the fourth quarter. Libya is in an assessment phase and is expected to make a positive contribution in 2012. Other Eastern Hemisphere markets continue to show gradual progress primarily as a result of volume increases, as international pricing remains very competitive.
