On October 17, Halliburton (HAL) released its third quarter of 2011 with revenue of $6.5 billion, up $0.6 billion from $5.9 billion from the second quarter of 2011. HAL’s general strong growth derived from overall revenue and profitability from Western Hemisphere. Net income in the third quarter of 2011 was $683 million, or $0.74 per diluted share, compared to $739 million, or $0.80 per diluted share, in the second quarter of 2011. Consolidated operating income was $1.3 billion in the third quarter of 2011, compared to $1.2 billion in the second quarter of 2011.
Dave Lesar, chairman, president, and chief executive officer commented "I am extremely pleased with our third quarter results, as we set company records for revenue and operating income”. International sales met up with the expected rates.
Completion and Production division grew revenue and operating income by 11% and 16%, respectively, and our Drilling and Evaluation division grew revenue and operating income by 9% and 14%, respectively. Income from operations generated $867 million ($0.94 per diluted share), up $120 million compared to the second quarter of 2011, $747 million ($0.81 per diluted share).
The improved activity in Latin America and Asia led to strong sequential operating income growth. And yet, general downfall was led by discontinued operations in Libya relationship to the ruling in an arbitration proceeding between Barracuda & Caratinga Leasing Company B.V. and Halliburton's former subsidiary, KBR, whom Halliburton agreed to indemnify.
As for today HAL closed at $34.48, down 7.88%.
-Richard
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