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Oilfield services giant Halliburton has announced revenues for the third quarter of 2009 of $3.6 billion, down from $4.85 billion in the corresponding period of 2008.
The company, based in Houston and Dubai also seen its net profits take battering, dropping 61% to $261 million, or $0.29 per share, compared to $672 million in Q3 2008.
“While I am pleased with our results, overall market dynamics remained difficult in North America in the third quarter,” Dave Lesar, chairman, president and chief executive officer said.
“However, Halliburton continued to benefit from its balanced global portfolio and broad offering of services. Total revenue increased 3% from the second quarter, representing our first sequential revenue increase since the fourth quarter of 2008,” he added.
Lesar also said that National Oil Companies (NOCs) had scaled in their spending in 2009 due to the volatility of the oil price.
“Oil and gas operators have, in general, been reluctant to increase spending until market fundamentals improve and are supported by sustainable increases in hydrocarbon demand,” Lesar said.
“Although I am more confident in our view of the international markets than I was last quarter, project deferrals together with pricing pressure, driven by our customers’ desire to reduce input costs, cause us to continue to expect a softer near-term margin outlook for international markets,” he added.
