Halliburton posts 1Q loss on litigation charges
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Associated Press Halliburton says it lost $18 million in the first quarter on litigation-related charges related to the 2010 Gulf of Mexico oil spill. But it made money if the unusual items are excluded, and beat Wall Street expectations.
HOUSTON — Halliburton says it lost $18 million in the first quarter on litigation-related charges related to the 2010 Gulf of Mexico oil spill. But it made money if the unusual items are excluded, and beat Wall Street expectations.
The oil services company's loss attributable to common shareholders amounted to 2 cents per share. That compares with net income of $627 million, or 68 cents per share, a year earlier.
Excluding one-time items, however, the company posted adjusted earnings of 67 cents per share. That beat the 57 cents that analysts expected.
Revenue rose slightly to $6.97 billion. Analysts expected $6.88 billion.
The Houston company, which provides a variety of services for the petroleum industry, is benefiting from a boom in U.S. oil production, which is at the highest level in more than two decades. At the same time, its natural gas business has slowed.
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