Oil company Halliburton Profits drop 45%

Halliburton reported a drop of 45% in first quarter profits. This is the oil related company that also delved into construction and supplying the troops with expensive products during the height of the Iraq war. Revenues fell 4% too during this period. This was a surprise to analysts who expected of 25 cents per share as opposed to the reported 23 cents per share reported.

Much of this is due to a drop off in oil drilling activities in 2009. Over 40% of Halliburton’s business concerns oil drilling. With President Obama opening up fields in Alaska and off the east coast, Halliburton’s profits are again expected to soar. Oil prices have been edging upwards recently which will also help Halliburton. This is an industry where investment usually is quite profitable.

Halliburton recently announced it was acquiring the company “Boots and Coots” as its competitor in the oil industry Schlumberger is also making acquisitions. No one really expects the oil companies and the oil field related industries involved in drilling and drilling supplies to have a bad period of revenue and growth for long. Energy is still required and exploration and refinery construction is still lagging. Expect Halliburton to report better earnings in the next quarter.