Halliburton's second-quarter earnings rose 83%

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HOUSTON (Dow Jones)--Halliburton Co.'s (HAL) second-quarter earnings rose 83% as the oilfield-services company reported stronger revenue and sequential growth in North American and international markets.

The better-than-expected results signal that a recovery is underway for the oilfield services industry, which was stung last year by sharply lower commodity prices and a rapid contraction in drilling activity. However, Halliburton's - and the industry's - outlook remains marred by a temporary federal oil and gas drilling ban in the U.S. Gulf of Mexico and the expected tightening of regulations there. Halliburton is the first major oil service company to report earnings; Schlumberger (SLB), the world's largest oilfield services provider, will report earnings on Friday.

Chief Executive David Lesar said in a conference call that Halliburton has begun moving some of its Gulf workers to other regions and has deployed some equipment abroad, although it plans to maintain its infrastructure in the Gulf for when activity picks up again. The drilling ban, enacted in the wake of the Deepwater Horizon oil spill, is expected to cut earnings by 5 cents to 8 cents per quarter for the rest of the year, the company said.

The drilling suspension "will usher in a new regulatory climate and have a profound impact on how future deepwater drilling is performed," Lesar said. He noted that oil companies in offshore regions outside of the U.S. are also reexamining their offshore drilling practices, leading to some short-term project delays.

http://online.wsj.com/article/BT-CO-20100719-709328.html

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1. That news should perk up the Dickster n/t

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2. the moral? fuck up real bad and get rewarded