Halliburton tops profit forecasts

OILFIELD service company Halliburton yesterday posted higher-than-expected profits, boosted by oil projects in North America, and forecast steady growth elsewhere even if pricing competition is tough.

For the 2010 full-year, Halliburton reported $18bn in revenue, up 22 per cent from $14.7bn (£11.2bn) in 2009. Its net income for the year was $1.8bn, up from $1.2bn in 2009.

The rise in oil prices to near $90 a barrel has spurred a bout of spending by energy companies on new wells, overshadowing a decline in natural gas projects as prices remained weak.