NEW YORK, NY — “Halliburton Co. (HAL), the world’s largest provider of hydraulic fracturing services, said third-quarter profit decreased as customers negotiated cheaper rates due to the glut of fracking equipment.
Net income dropped to $602 million, or 65 cents a share, from $683 million, or 74 cents, a year earlier, Houston-based Halliburton said in a statement today. Excluding acquisition-related costs and a lawsuit settlement, the company met the 67 cent-a-share average of 29 analysts’ estimates compiled by Bloomberg. Sales climbed 8.6 percent to $7.1 billion.
Revenue in North America dropped 5 percent compared to the second quarter due to pricing pressure, supply costs and disruptions from Hurricane Isaac, Chairman and Chief Executive Officer Dave Lesar said in the statement. Halliburton said Sept. 4 it expected its margin to drop because of higher supply costs and lower fracking prices. ”
David Wethe, Bloomberg