POSTED: Monday, January 23, 2012 - 11:29am
UPDATED: Monday, January 23, 2012 - 11:35am
NEW YORK — Halliburton's net income spiked 50 percent in the final three months of 2011 as one of the world's biggest oilfield services companies shifted its focus from natural gas to oil, with a barrel of crude again trading near the triple digit mark yet again.
Energy companies are capitalizing on new technology to reach crude that was once prohibitively expensive to pump, especially in the United States, and Halliburton has benefited immensely.
The Houston company posted earnings of $906 million, or 98 cents per share, for the fourth quarter. That compares with $605 million, or 66 cents per share, for the same part of 2010.
Excluding a $15 million charge for an "environmental-related matter," Halliburton Co. earned $1 per share in the quarter. Revenue increased 36.9 percent to $7.06 billion.
The boom in shale drilling across regions of North America boosted Halliburton's 2011 earnings to $2.84 billion, or $3.08 per share, compared with $1.84 billion, or $2.02 per share, in 2010. Annual revenue increased 38.1 percent to $24.8 billion.
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