| As of Monday, August 10th: |
Since the start of the quarter, the Q2 growth rate has risen from -31.1% to -28.0%. (Data provided by Thomson Reuters)
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Halliburton, the world's second-largest oilfield services company, posted a better-than-expected quarterly profit Monday, boosting its shares, but it warned that North American natural gas markets were likely to stay weak through the end of the year.
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Pat Sullivan / AP 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) |
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 [HAL
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] 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.
"Due to the continued weakness in natural gas demand, reflected in the high injection rates for working gas storage, we believe it is unlikely that there will be a meaningful recovery in natural gas prices and, consequently, drilling activity for the remainder of the year," Dave Lesar, chairman and chief executive officer, said in a statement.
Last month, Goldman Sachs cut its ratings on Halliburton and other stocks exposed to natural gas because of persistent weakness in North America's huge gas market.
On Friday, Baker Hughes [BHI
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] said the number of U.S. rigs drilling for gas hit a seven-year low of 665.
Halliburton's shares rose nearly 3 percent to $22.00 in premarket trading. The stock has gained 17.6 percent so far this year through Friday's close, lagging the nearly 36 percent gain in the Philadelphia oil field service index.
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