Halliburton fourth-quarter earnings rose 50% on strong growth in North America, as well as lighter growth internationally.
The second-largest oilfield service company after Schlumberger Ltd., Halliburton is the top seller of hydraulic fracturing, or fracking, services in North America. That service is essential in cracking open deeply buried oil-and-gas-bearing rocks, including shale, an area where energy companies have been making big bets for future growth.
Last week, Schlumberger said its fourth-quarter earnings rose 36% as a global drilling frenzy continued despite fears about the global economy.
In the latest quarter, Halliburton’s North American revenue was up 56% and profit rose 77%. The company said Monday it expects strength in the segment to persist into 2012, with continued improvements in drilling and completion efficiency, as well as higher demand for services. In its international business, revenue rose 17%, while profit was up 9.5%, aided by growth in Latin America.
Halliburton reported a profit of $906 million, or 98 cents a share, up from $605 million, or 66 cents a share, a year earlier. Both periods included special charges of 2 cents a share. Revenue rose 37% to $7.06 billion.
Analysts polled by Thomson Reuters most recently forecast earnings of 99 cents on revenue of $6.83 billion.
Operating margin rose to 20.2% from 19%. Shares dropped 0.5% to $36.01 in the premarket. As of Friday’s close, the stock was up 8.1% over the past three months.
