With oil prices near historic highs, it’s hardly a surprise that the oil industry is making money.
Oil services giant, Halliburton (NYSE:HAL), reported solid first-quarter results today. Profits jumped 22.7% to $627 million, while revenues rose 30% to $6.87 billion, compared to the same quarter last year.
North American revenue hit $4.17 billion, a company record.
The company recorded a $300 million charge during the quarter resulting from the 2010 BP (NYSE:BP) oil spill in the Gulf of Mexico. Halliburton had provided services to the BP Deepwater Horizon oil platform that exploded and sank.
The two companies continue to dispute Halliburton’s liability in the incident.
The AP noted that Halliburton’s numbers exceeded Wall Street analysts’ forecasts. Excluding the oil spill-related charge, the company posted earnings of 88 cents a share. Analysts had predicted 85 cents on revenue of $6.79 billion.
The AP also noted that Halliburton, which provides oil surveying and drilling services, has benefited from a shift away from natural gas production toward increased oil field development in North America. Domestic oil drilling operations rose 12% during the quarter, while natural gas operations fell by 17%.
Halliburton shares were up more than 4% in Wednesday morning trading.