Halliburton profit slides, but tops forecasts

[laststeamtrain]

Source: Reuters

Halliburton profit slides, but tops forecasts
18 mins ago

EAST DENNIS, Massachusetts (Reuters) – Halliburton Co (HAL.N), the world's second-largest oilfield services company, posted a better-than-expected quarterly profit on Monday, boosting its shares, but it warned that North American natural gas markets were likely to stay weak through the end of the year.

Natural gas prices in the United States have tumbled to less than half of year-ago levels, and high inventories were expected to curb spending by energy producers on new wells.

Second-quarter net profit fell to $262 million, or 29 cents per share, from $504 million, or 55 cents per share, a year earlier as revenue fell to $3.49 billion from $4.49 billion, the company said on Monday.

Excluding a $12 million charge to cut jobs, Halliburton posted earnings per share of 30 cents, topping the 26 cents per share that analysts had forecast, according to Reuters Estimates. Analysts had also expected revenue of $3.41 billion.

Read more: http://news.yahoo.com/s/nm/20090720/bs_nm/us_halliburton