News Summary: Halliburton posts flat 2Q profit

AP News
Posted: Jul 23, 2012 4:16 PM
News Summary: Halliburton posts flat 2Q profit

NEW YORK (AP) — SHIFT FROM GAS: A surge in U.S. natural gas supplies has hurt service firms like Halliburton Co. that specialize in finding and producing more. Companies that own natural gas wells are now trying to cut back on new projects.

COSTS RISING: Halliburton also saw many of its operating costs rise during the second quarter. Normally, Halliburton could pass those higher costs on to customers. But that's tougher to do when it's forced to compete for a smaller pool of drilling projects.

BOTTOM LINE: Second-quarter net income dipped slightly to $737 million, or 79 cents per share, even though it posted record revenue of $7.2 billion. Its results still beat Wall Street estimates, and shares closed 2.4 percent higher.