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Halliburton Profit Rises 13% Helped by New Business

Oilfield services contractor Halliburton said Thursday its first-quarter earnings rose 13% from the same quarter last year, helped by higher prices and new international contracts.

A Halliburton complex in far Southwest Houston occupies several acres of land Monday, July 17, 2006 in Houston. The oil services conglomerate posted second-quarter net income nearly double that of a year ago. (AP Photo/Pat Sullivan)
Pat Sullivan
A Halliburton complex in far Southwest Houston occupies several acres of land Monday, July 17, 2006 in Houston. The oil services conglomerate posted second-quarter net income nearly double that of a year ago. (AP Photo/Pat Sullivan)

Halliburton reported earnings of $552 million, or 54 cents a share, for the first quarter, up from earnings of $488 million, or 46 cents a share, in the same quarter a year ago. Revenues rose 17% to $3.4 billion.

Income excluding the spin off of engineering and construction unit KBR, which was completed April 5, Halliburton earned $529 million from continuing operations, or 52 cents a share.

Analysts surveyed by Thomson Financial predicted earnings of 52 cents a share.

Revenues rose 17% from they year-ago quarter to $3.4 billion, the company said.

In its earnings release, Halliburton said it benefited from pricing gains and new international business, citing the Middle East in particular.

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

Halliburton also said its split with KBR marked a "new chapter" in its history. Halliburton and KBR have been lightning rods for criticism because of KBR's more than $19 billion in Pentagon contracts to be the sole provider of food and shelter services to the military in Iraq and Afghanistan. Democrats in Congress have claimed KBR benefited from ties to Vice President Dick Cheney, who once led Halliburton.

"I am encouraged by the prospects that await us," Lesar said in a statement.

"We are now completely focused on the global growth opportunities in our energy services business."

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