Halliburton Profit Falls as U.S. Fracking Business Slows
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Halliburton Co., the world’s largest provider of hydraulic-fracturing services, said third-quarter profit decreased 12 percent as customers negotiated cheaper rates because of the glut of fracking equipment.
Net income dropped to $602 million, or 65 cents a share, from $683 million, or 74 cents, a year earlier, Houston-based Halliburton said in a statement today. Excluding acquisition-related costs and a lawsuit settlement, the company met the 67 cent-a-share average of 29 analysts’ estimates compiled by Bloomberg. Sales climbed 8.6 percent to $7.1 billion.