US ENERGY service giants Halliburton and Weatherford posted fourth-quarter results yesterday.
Halliburton said net income in the final three months of 2008 came in at £335.24million, down from just under £500million a year earlier, but revenue was up by 17% at £3.5billion.
Chief executive Dave Lesar said: “While current market conditions are difficult, this should not overshadow our excellent performance in the fourth quarter. We completed 2008 with the highest level of annual oilfield revenue and operating income achieved during the 90-year history of our company.”
Halliburton’s eastern hemisphere growth slowed, largely because of “weakness” in the North Sea and flat activity in the Middle East, while countries in north Africa, Eurasia, and Asia-Pacific posted good performances.
Weatherford reported fourth-quarter income of £260.65million from continuing operations, compared with £275.25million a year earlier, on revenue up 20% at £1.89billion.
Oil prices slipped yesterday as dealers anticipated official data would show another increase in American crude supplies as the economy slowed.
US crude settled 74 cents lower at $45.73 a barrel. In London, Brent futures shed $1.41 to $46.96.