Profits tumble, drilling rises

Halliburton’s third-quarter results Friday gave the first concrete evidence that the oil industry may have bottomed out as profits plunged but drilling activity in the critical region of North America grew.

NEW YORK — Halliburton’s third-quarter results Friday gave the first concrete evidence that the oil industry may have bottomed out as profits plunged but drilling activity in the critical region of North America grew.

“This is not going to be as hard a downturn as we thought a quarter or so ago,” said Dave Lesar, Halliburton’s chairman, president and CEO.

Halliburton shares closed at US$30.40 on the New York Stock Exchange after hitting a 52-week high of $31.27.

Service companies like Halliburton Co. (NYSE:HAL)and Schlumberger Ltd. have been squeezed by major oil and gas producers, who demanded lower fees as energy prices collapsed starting in July 2008.

Those conditions remain but for the first time this year, Halliburton says its revenue rose as operations picked up in the U.S. and Canada.

Halliburton is still relying on international clients for the bulk of its income, Lesar said.

Just Posted

Red Deer group looking to keep roads safe for cyclists

A Red Deer cycling group is concerned about road safety after multiple… Continue reading

Smoke and pets do not mix

Take care of your pets during the smoky weather

Former Red Deer lawyer sentenced

Charges included possession of stolen property

Man causes mischief with axe in Ponoka

Arson and attempted break and enter charges laid

WATCH: Raising money for kids at the Gord Bamford Charity Golf Classic

Former NHL players, Olympians, pro rodeo circuit members and musicians teed off… Continue reading

Oilpatch fears delays as U.S. judge orders further review of KXL pipeline route

CALGARY — Potential delays in the completion of the Keystone XL pipeline… Continue reading

‘Queen of Soul’ Aretha Franklin dies at 76

NEW YORK — Aretha Franklin, the undisputed “Queen of Soul” who sang… Continue reading

Arrests in Burnaby, B.C., as order against Kinder Morgan protest camp enforced

BURNABY, B.C. — The RCMP arrested protesters Thursday as officers enforced a… Continue reading

‘Hot and dirty work:’ Commander describes fighting massive Ontario wildfire

BRITT, Ont. — From a helicopter flying over a smouldering swath of… Continue reading

Calgary Fire Department logs record opioid overdose calls in July

CALGARY — The Calgary Fire Department says there were a record number… Continue reading

RCMP in Burnaby, B.C., say Kinder Morgan protest camp to be dismantled

BURNABY, B.C. — The RCMP arrested protesters when officers enforced a court… Continue reading

Study: Smokers better off quitting, even with weight gain

NEW YORK — If you quit smoking and gain weight, it may… Continue reading

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month