Halliburton 3Q profit falls on drilling slowdown

NEW YORK (AP) ? Halliburton says its third-quarter net income fell 12 percent on a decline in North American drilling and higher costs.

The Houston energy services company said Wednesday it earned $602 million, or 65 cents per share, from $683 million, or 74 cents per share, a year ago.

Revenue rose 9 percent to $7.11 billion.

Profits and revenue are short of Wall Street expectations, according to a poll by FactSet.

Halliburton Co. says the natural gas rig count on land in North America dropped by 18 percent in the quarter as companies slowed production. Natural gas prices dropped 29 percent during the quarter. The number of on-land oil rigs rose 3 percent in North America. Oil prices rose 9 percent in the quarter.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-10-17-Earns-Halliburton/id-481eaef82f44458f81906ea01cdc0cbe

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