North American boost for Halliburton

Oilfield service company Halliburton yesterday posted higher-than-expected profits, boosted by oil projects in North America, and forecast steady growth elsewhere even if competition on pricing remains tough.

The rise in oil prices to near $90 a barrel has spurred a bout of fresh spending by energy companies on new wells, overshadowing a decline in natural gas projects as prices for that fuel remained weak.

An 80 per cent jump in the group's North American sales in the fourth quarter was driven by robust onshore activity, even as offshore activity in the Gulf of Mexico remained slack.

Halliburton's fourth-quarter net profit rose to $605 million (378m), up from $243m a year ago. On Friday, larger rival Schlumberger posted higher-than-expected profits and said that it expects client spending to grow.