Energy service giant Halliburton today announced net income of $906 million for Q4 2011, and $3 billion for the full year.
Income from continuing operations for the fourth quarter of 2011 was $921 million (excluding a $15 billion environmental-related charge), up from $867 million in the third quarter.
Halliburton’s consolidated revenue in the fourth quarter of 2011 was $7.1 billion, compared to $6.5 billion in the third quarter. Consolidated operating income was $1.4 billion in the fourth quarter, compared to $1.3 billion in the third quarter. Improved international results accounted for the majority of these increases.
Revenue for the full year 2011was $24.8 billion, an increase of 38 percent from 2010, and consolidated operating income was $4.7 billion, an increase of 57 percent from 2010.
Income from continuing operations for the full year 2011 was $3.0 billion, or $3.26 per diluted share, compared to full year 2010 income from continuing operations of $1.8 billion, or $1.97 per diluted share.
These increases were largely attributable to strong results in North America, the company said, with higher activity in the unconventional oil and natural gas basins, partially offset by disruptions caused by geopolitical events in North Africa.
“I am very pleased with our fourth quarter and full year 2011 results, which set records for revenue and operating income,” said Dave Lesar, chairman, president, and chief executive officer.
“For the full year, we delivered record revenue for both of our business segments and three of our four geographies. During 2011, we continued to execute our growth strategy in North America while expanding our presence in key emerging international markets. Overall, we were able to deliver on our goals of superior growth, margins, and returns while strengthening our position for future growth.
“In North America, the trend toward increased horizontal oil-directed activity continued in the fourth quarter with the United States oil-directed rig count up 8 percent sequentially compared to a natural gas rig count decline of 2 percent. We expect this trend will persist into 2012, along with continued improvements in drilling and completion efficiency, leading to an overall increase in demand for our services.
“Our results in North America in 2011 were truly outstanding, with each quarter setting a new record for revenue.
“The improvement in the Gulf of Mexico in 2011 was encouraging. We saw increased rig count as the year progressed, particularly in deepwater, as our customers’ success with permitting improved and they resumed operations. Our strategy of keeping our infrastructure intact has paid off, with our fourth quarter revenue now above pre-moratorium levels. We expect continued activity increases in 2012.”
During the fourth quarter of 2011, Halliburton invested an additional $23 million in strategic projects aimed at strengthening its North America service delivery model and repositioning technology, supply chain, and manufacturing infrastructure to support projected international growth.
Founded in 1919, Halliburton is one of the world’s largest providers of products and services to the energy industry, with nearly 70,000 employees in approximately 80 countries.
