Halliburton profits up despite oil spill
- 19 July 2010
- From the section Business
Halliburton, services provicer for the energy industry, has announced a big jump in profits despite its involvement in the Gulf of Mexico oil disaster.
The Texas-based company said profits for the last three months rose by 83% compared with last year.
Halliburton's share price rose as much as 5% in early trading on Wall Street.
It said the US suspension of deepwater drilling is expected to hit profits, but land-based oil and gas operations remained profitable.
Halliburton was in charge of sealing BP's Macondo oil well before it exploded in April.
Following the suspension of drilling in the region, the company has started moving people and equipment out of the gulf.
The performance beat most analysts expectations, with net income totalling $480m (£315m) for the three-month period between April and June.
Revenues was also up 26% to $3.49bn.