Summary Box: Halliburton

AP News
Posted: Apr 18, 2011 2:02 PM
Summary Box: Halliburton

WHAT'S BOOMING: The 17-percent growth in oil prices in the first three months of this year has added momentum to a boom in North America onshore oil drilling.

WHO BENEFITS: Halliburton Co., based in Houston, provides a variety of service for the petroleum industry. The company says drilling projects in North America boosted profits. Halliburton reported first-quarter earnings of $511 million, or 56 cents per share, compared with $206 million, or 23 cents per share, in the same period last year. Revenue rose 40 percent to $5.28 billion.

WHAT'S AFFECTED: Halliburton's business was hurt by a slowdown in operations in the Gulf of Mexico and North Africa. The surge in U.S.-based drilling more than offset those losses.