Halliburton Delivers Strong 2Q Earnings Despite Sluggish US Drilling Demand

Despite the plunge in the US drilling activity, the company managed to post profits (excluding special items) of $380 million or 44 cents per share, beating the market estimate by almost 15 cents per share. While the quarterly revenues were down both sequentially, as well as annually, due to the sharp decline in the US oil rig count, they exceeded the consensus estimate by more than a $100 million. Going forward, we expect the acquisition of Baker Hughes to strengthen Halliburton's product offer...