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Halliburton takes hit on Libyan oil

July 19, 2011 at 6:30 AM   |   Comments

HOUSTON, July 19 (UPI) -- Oil-services company Halliburton blamed sanctions imposed on war-torn Libya for a drag on economic performance in the second quarter of the year.

The United Nations sanctioned military force in Libya to protect civilians from attacks by forces loyal to Moammar Gadhafi.

"The first quarter of 2011 results were negatively impacted by $46 million, after-tax, or $0.05 per diluted share, related primarily to reserving certain assets as a result of political sanctions in Libya," Halliburton said in a statement on its second quarter earnings.

Halliburton Chief Executive Officer Dave Lesar, in a statement, said international revenue grew 8 percent compared with first quarter results. He attributed the growth to seasonal recovery in the North Sea and Russia, as well as more robust activity in Latin America and Asia.

"However, the shutdown in Libya, project delays in Iraq, mobilization costs in sub-Saharan Africa, and the sluggish market in the United Kingdom and Algeria have impacted the pace of recovery for our international results," he said.

In North America, however, Lesar said he was "extremely pleased" with the performance there. He attributed much of the growth there with a shift to unconventional oil in the United States.

"North America continues to deliver very strong growth in revenue and profitability, while international profit recovered modestly," he noted.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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