Halliburton reports 3Q profit of $262M

October 16, 2009 5:56:06 AM PDT
Halliburton Co. is reporting that conditions are improving in North America, the hardest hit area for the oil industry, though third-quarter profits fall well short of the same period last year. Companies like Halliburton help oil and gas producers with drilling and other services. Those producers were hit hard this year by plunging oil prices, and they've squeezed the service companies to cut costs, which drained profits for Halliburton during the first half of the year.

Halliburton on Friday reported a profit of $262 million, about 61 percent smaller than the same period last year. But the company said its revenue in North America has improved this year, increasing 2 percent from the second quarter.

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