Halliburton 2Q Earnings Fall 48% On Weak Demand, Lower Prices

[babylonsister]

:nopity:


Halliburton 2Q Earnings Fall 48% On Weak Demand, Lower Prices


Halliburton Co.'s (HAL) second-quarter earnings fell 48% on weak demand and lower prices, but results were better than feared.

Oil-and-gas producers are slashing spending on oilfield services as commodity prices have slumped and demand wanes. Halliburton and other companies began offering contracts tied to oil-price indexes earlier this year to keep project afloat.

Chairman and Chief Executive Dave Lesar said weak global demand and commodity-market volatility continue to weigh on the oilfield-services industry. He added North America continued to see a steep drop in drilling activity as average rig count fell 39% sequentially.

"Due to the continued weakness in natural gas demand, reflected in the high injection rates for working gas storage, we believe it is unlikely that there will be a meaningful recovery in natural gas prices and, consequently, drilling activity for the remainder of the year," Lesar said.

more...

http://online.wsj.com/article/BT-CO-20090720-704100.html

[marmar]

1. Is the orchestra ready?

:nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity:

:nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity:

[Walk away]

2. This has hit the Cheney's retirement fund hard!

They may have to settle for a hut in Mali instead of that palace in Dubai.

[Donnachaidh]

3. nah -- he's got a spot staked out in Paraguay, right next to the Chimpenfuhrer

Once that investigation gets going, he'll hi-tail it out of the country with an ambulance full of medical supplies. He was probably down there last week with his wife, taking measurements for drapes.

[Walk away]

5. Wow...I can't believe it.

Who ever heard of putting up drapes in a subterranean cave.

[Lerkfish]

4. it is my dream to see halliburton drowned in a bathtub

:)

[Frustratedlady]

6. All the more reason to investigate them for fraud and theft.

Their benefactor can no longer pull the strings from inside to finance them and push lucrative contracts their way?

I hope they pursue them for the fraud and theft from the Iraq War and lay a heavy fine on them, which will hopefully pull them down.

What a corrupt bunch of thugs.