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Halliburton Beats Estimates Off Foreign Oilfield Activity

Oilfield service provider Haliburton Co. (NYSE: HAL) beat expectations today with a 17% percent increase in the third quarter. The boost in profit was backed by high oilfield activity in Russia, Saudi Arabia, and Angola as the company moves out of the U.S. markets in hopes of expanding and competing with the much larger Schlumberger Ltd. (NYSE: SLB). Third quarter profit rose to $706 million or 79 cents a share, from $602 million or 65 cents a share last year. Revenue went up 5% to $7.47 billion.