Halliburton Provides Operational Update

abarrelfullabarrelfull wrote on 29 Mar 2011 07:06
Tags: halliburton services

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Halliburton (NYSE: HAL) reiterated today that it expects first quarter earnings to be impacted by seasonal declines due to the effect of year-end product sales and typical weather-related issues that occur in the first quarter of every year. The company estimates that the impact of these items will be at the high end of the historical range of 5 to 8 cents per share due to adverse weather conditions in North America and Australia. Additionally, the company has experienced disruptions due to geopolitical issues in certain locations in the Middle East and North Africa that will severely affect first quarter results in the range of 3 to 4 cents per share. The company may incur additional charges such as asset impairments or allowances as a consequence of the events in the Middle East and North Africa, particularly due to the sanctions imposed on Libya. The company will provide an update during the company's first quarter earnings call scheduled on April 18, 2011 at 8 a.m. Central Time (9 a.m. Eastern Time).

The company also announced that it expects to increase activity in its Manifa project based on discussions with its customer in Saudi Arabia. The company was awarded the offshore portion of the Manifa project in 2008 to provide directional drilling, logging-while-drilling, cementing, logging and perforating, coiled tubing and stimulation services for 93 wells offshore Northeast Saudi Arabia.


Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With nearly 60,000 employees in approximately 80 countries, the company serves the upstream oil and gas industry throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production through the life of the field. Visit the company's website at www.halliburton.com.

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