HOUSTON, Oct 20 — Halliburton Co, the largest provider of fracking services, reported third-quarter profit that beat analysts’ estimates as it boosted its dividend.
Net income rose 70 per cent to US$1.2 billion (RM3.9 billion), or US$1.41 a share, from US$706 million, or US$0.79 cents, a year earlier, the Houston-based company said in a statement today. Excluding one-time items, the company earned US$1.19 a share, US$0.09 cents more than the average of 31 estimates compiled by Bloomberg. Sales rose 16 per cent to a record US$8.7 billion.
“We continue to focus on delivering higher shareholder returns,” Chairman and Chief Executive Officer Dave Lesar said in the statement. “This is evidenced by our 20 per cent dividend increase announced today, which means our quarterly dividend has doubled in the last two years. Also, we repurchased an additional US$300 million in stock during the third quarter.”
The earnings were announced before the start of regular trading on US markets. Halliburton rose 3.4 per cent to US$54.50 at 8.07am in New York.
Hydraulic fracturing, or fracking, involves shooting water, sand and chemicals underground to free oil and natural gas. — Bloomberg
