Oilfield Services looking good
Posted: Tue Oct 18, 2011 7:50 am
NEW YORK (AP) -- THE RESULTS: Halliburton Co., which provides a variety of services for the oil industry, reported a 26 percent jump in third-quarter profits despite a five-month slump in oil prices.
DRILL BABY DRILL: The company's strong results reflected a 6 percent increase in U.S. rig activity in the quarter.
WILL IT CONTINUE?: The drop in oil prices so far hasn't discouraged drillers from expanding in North America. But analysts say if oil drops below $60 per barrel, many projects would be put on hold. Benchmark crude ended the day at $86.38 per barrel on Monday.
I often wonder if Wall Street knows that HAL doesn't sell oil. - Dan
DRILL BABY DRILL: The company's strong results reflected a 6 percent increase in U.S. rig activity in the quarter.
WILL IT CONTINUE?: The drop in oil prices so far hasn't discouraged drillers from expanding in North America. But analysts say if oil drops below $60 per barrel, many projects would be put on hold. Benchmark crude ended the day at $86.38 per barrel on Monday.
I often wonder if Wall Street knows that HAL doesn't sell oil. - Dan