Halliburton's (HAL) Q1 Sales Surge 40% Amid Rising Oil Prices

April 18, 2011 7:39 AM EDT
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Halliburton (NYSE: HAL) announced Monday first-quarter income more than doubled as drilling activity in North America increased and oil prices soared.

The Houston-based oil services company reported first-quarter earnings of $511 million or 56 cents per share, up from $206 million or 23 cents per share in the same quarter last year.

Excluding one-time items, the company earned 61 cents per share in the period, 3 cents better than the analyst estimate of 58 cents per share.

Revenue for Halliburton rose 40 percent to $5.28 billion, topping the market consensus of $4.9 billion.

"North America delivered strong performance as margins progressed due to increased activity while Eastern Hemisphere operating income was significantly impacted by geopolitical events in North Africa, delays in Iraq, and typical seasonality,” said Dave Lesar, chairman, president and CEO.

Drilling & evaluation sales were around $2.11 billion, while completion & production revenue was $3.172 billion. The company added that Egypt looks to be returning to prior production levels.

Shares of Halliburton are up 1.20 percent to $47.38 in premarket trade on Monday.

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