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|Posted: Mon Jul 19, 2010 7:58 pm Post subject: Halliburton profit soars 83% in Q2
|Halliburton profit soars 83% in Q2
Mon, 19 Jul 2010 16:50:40 GMT
US oil giant Halliburton says its second-quarter profit has jumped 83 percent, despite the company's involvement in the Gulf of Mexico oil spill.
The news caused Halliburton shares to soar 5 percent to $28.89 in Wall Street pre-opening trade on Monday, the Associated Press reported.
Halliburton announced that the boom is the result of a hike in natural gas drilling activities in the United States.
The oil giant's net income for the April-June period was $480 million up from $262 million one year ago.
This is while the oil leak disaster in the Gulf of Mexico still hangs over the company. Before the explosion of the Deepwater Horizon rig on April 20, Halliburton was hired by BP to seal the Macondo well before it blew up.
Halliburton shares dipped 17 percent after the incident.
The US has banned deepwater explorations after the spill, forcing energy companies to turn to land-based operations.
Halliburton has predicted that the ban will cause a 5 to 8 cent drop in its share value during each quarter in the second half of the year.
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