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Halliburton Income More Than Doubles

AP | July 24, 2007
JOHN PORRETTO

Halliburton Co. said Monday second-quarter net income more than doubled to $1.5 billion, lifted largely by a $933 million gain from the separation of its former subsidiary, KBR Inc.

The result for the April-June period, which amounted to $1.62 per share, compared with income of $591 million, or 55 cents a share, in the year-ago period.

Revenue in the quarter rose 20 percent to $3.7 billion from $3.1 billion a year ago. The oilfield services conglomerate said sales rose worldwide, particularly in the Eastern Hemisphere.

Excluding the gain from the KBR split, Halliburton said income from continuing operations in the quarter was $595 million, or 63 cents a share, up from $498 million, or 47 cents a share, in the second quarter of 2006.

Wall Street analysts polled by Thomson Financial had forecast earnings of 56 cents a share on revenue of $3.5 billion. The Thomson forecast typically excludes one-time items.

Shares jumped $1.34, or 3.66 percent, to $37.91 at the open of trading Monday.

Last week, Halliburton's larger competitor, Schlumberger Ltd., said its second-quarter profit jumped 47 percent because of an active world market for oil and gas, despite weakness in Canada.

Halliburton, once led by Vice President Dick Cheney, split from KBR, the military contractor and engineering company, in April. Halliburton has said the separation allows it to focus solely on providing expertise, services and equipment to companies working in the global oilfield.

Halliburton chairman and chief executive Dave Lesar said revenue rose 14 percent in the Eastern Hemisphere in the quarter, and income margins rose to nearly 22 percent.

The company announced in March it would split its corporate headquarters between Houston and Dubai, where Lesar will work, placing him nearer to important markets in the Middle East and Asia.

"Our commitment to invest in high-growth Eastern Hemisphere markets is evident in our results," Lesar said in a statement.

Halliburton continues to grow its portfolio of work in that part of the world. Last week the company said it's been awarded a five-year, $200 million contract to provide completion products and services to a group of energy companies operating in Malaysia.

Like Schlumberger, Halliburton said its second-quarter results were hurt by a significant decline in Canadian business.

The company said operating income for its drilling and formation evaluation division was $235 million in the quarter, up 21 percent from a year ago.

For the first six months of the year, Halliburton said its net income amounted to $2.1 billion, or $2.12 a share, up from $1.1 billion, or $1.01 a share. Revenue rose to $7.2 billion from $6 billion.

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