Halliburton Posts '09 Revenue of $14.7B
Halliburton announced that income from continuing operations for the fourth quarter of 2009 was $257 million, or $0.28 per diluted share, excluding a $10 million net of tax, or $0.01 per diluted share, charge related to the settlement of a customer receivable in Venezuela. Net income for the fourth quarter of 2009 was $243 million, or $0.27 per diluted share. This compares to net income for the third quarter of 2009 of $262 million, or $0.29 per diluted share. Employee separation costs negatively impacted third quarter of 2009 results by $19 million net of tax, or $0.02 per diluted share.
Consolidated revenue in the fourth quarter of 2009 was $3.7 billion, compared to $3.6 billion in the third quarter of 2009. Consolidated operating income was $428 million in the fourth quarter of 2009 compared to $474 million in the third quarter of 2009.
Halliburton's revenue was $14.7 billion for the full year 2009, a decrease of 20% from the full year 2008, and operating income was $2.0 billion, a decrease of 50% from the full year 2008. Income from continuing operations for the full year 2009 was $1.2 billion, or $1.28 per diluted share, compared to 2008 income from continuing operations of $2.6 billion, or $2.91 per diluted share. These decreases were largely attributable to pricing declines and lower demand for products and services in North America due to a significant reduction in rig count during the early part of the year.
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