Halliburton, the world's second-largest oilfield services company, posted better-than-expected first-quarter earnings, lifted by a three-fold jump in profits at its key North American operations.
Pat Sullivan / AP
A Halliburton complex in far Southwest Houston occupies several acres of land Monday, July 17, 2006 in Houston. The oil services conglomerate posted second-quarter net income nearly double that of a year ago. (AP Photo/Pat Sullivan)
Oil companies have increased spending on new projects to take advantage of high oil prices, which surged above $100 per barrel in late February and have remained strong due to turmoil in the Middle East and fears about the global economic recovery.
The unrest in Libya prompted the United Nations to impose economic sanctions on the North African country, forcing Halliburton and other energy companies to pull out, and Halliburton said it took a $46 million charge in the quarter.
Halliburton's net profit rose to $511 million, or 56 cents per share, from $206 million, or 23 cents per share, a year earlier.