Halliburton Profits Down 48 Percent
Halliburton says its fourth-quarter profit tumbled 48 percent to end a volatile year and oilfield service company says it expects 2010 to be a transitional year for the industry. Oil prices have been falling recently though the amount of rigs in the U.S. are on the rise, which means potential business for companies like Halliburton.
The Houston company on Monday reported net income of $243, or 27 cents per share, for the fourth quarter. That compares with income of $468 million, or 52 cents per share, for the final three months of 2008. Revenue fell 25 percent, to $3.69 billion. For the full year, Halliburton Co. posted net income of $1.15 billion, or $1.27 per share, compared with $2.22 billion, or $2.45 per share for 2008.
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