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Halliburton beats 4Q profit forecasts

Halliburton

HOUSTON — Halliburton Co. (HAL) on Tuesday reported fourth-quarter profit increased by 14 percent to $901 million. On a per-share basis, the Houston-based company said it had profit of $1.06. Earnings, adjusted for one-time gains and costs, were $1.19 per share. The results topped Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings ...

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Rigs drop as downturn continues

Permian Basin oil producers continued to respond to low prices by scaling back, shedding another 15 rigs during the past week to a total 487. The drop followed the starkest national weekly drop since 1991. Two weeks ago, the Permian Basin shed 28 rigs, nearly half of those nationally. Oil producers are expected to release more rigs as their 2015 ...

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North Dakota rig count at lowest level since 2010

The number of drilling rigs operating in North Dakota’s Bakken formation dropped to 158 this week, the lowest level since November 2010, according to a report by Reuters. The drop in the rig count is the latest reaction to declining oil prices. In one day, the state lost eight rigs, a dramatic decline that hasn’t been seen in years. In ...

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Swift Energy president announces retirement amidst company cutbacks

President of Houston-based oil and gas asset company Swift Energy Co. Bruce Vincent has officially announced he is hanging up his hat. Swift announced in a company statement on Tuesday that Vincent’s retirement will be effective February 15 and that he will also be resigning from the company’s board of directors. Vincent’s history with the company runs deep. He joined ...

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Update: Halliburton confirms some layoffs in Duncan branch

Halliburton on Tuesday confirmed workers have been laid off at the company’s technology center in Duncan. A company spokeswoman in Houston declined to say how many employees were laid off. “This information is for Duncan only and I do not have any additional information at this time,” Emily Mir, Halliburton public relations director, said in an email to The Duncan ...

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Halliburton job cuts coming to fruition

Tumbling oil prices continue to claim its victims. Oil giant Halliburton Co. announced Tuesday that the company has cut jobs in Houston because of weakening market conditions as oil prices slide, according to Fuel Fix. Halliburton refused to announce exactly how many jobs it was forced to cut. Halliburton spokeswoman Emily Mir commented in an emailed statement: “While these reductions ...

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