"In midst of recession, Halliburton rakes in billions."
Economists are forecasting a recession, U.S. company profits in almost all sectors are taking a hit, and many American families cannot say they are better off than they were eight years ago. But one giant oil services company is weathering the economic storm quite well. Reuters reports Halliburton “said on Monday that first-quarter profit rose 6 percent as customers in markets including the Middle East and Asia spent more on oil and gas exploration and production”:
In North America, Halliburton’s revenue rose 11 percent to $1.86 billion while operating income was nearly flat at $491 million.
Halliburton said revenue outside North America soared 24 percent to $2.16 billion, while operating income rose 21 percent to $422 million.