Halliburton earnings hit by federal charge

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} US-based oilfield services corporation Halliburton has announced fourth quarter and full year earnings for 2008, with fourth quarter profits falling 32 percent as a result of a $308 million charge to settle a federal bribery suit against its former KBR unit.     Halliburton said revenue in the fourth quarter was $4.9 billion, up 17 percent from the fourth quarter of 2007. Consolidated operating income was $1.2 billion compared to $907 million in the fourth quarter of 2007.   Net income for the last three months of 2008 fell to $468 million from $690 million a year earlier, however, but setting aside the special charge, the company's earnings rose to 82 cents per share from 75 cents per share a year earlier, beating analysts' forecasts.   Commenting on 2008 results, Dave Lesar, chairman, president, and chief executive officer said, ÔÇ£While current market conditions are difficult, this should not overshadow our excellent performance in the fourth quarter. I believe our business strategy of protecting our strong North America market position while investing in and growing our international operations worked particularly well in the fourth quarter as well as for all of 2008.   ÔÇ£We completed 2008 with the highest level of annual oilfield revenue and operating income achieved during the 90 year history of our company. Our international business was a major contributor to our performance in 2008 as we expanded into underserved locations. Outside North America, revenue grew 22 percent year-over-year with Latin America experiencing exceptional revenue growth of 35 percent year-over-year. At the same time, we continued to strengthen our franchise in our core product lines and geographic areas that have led to the companyÔÇÖs expanded market position.   ÔÇ£Halliburton has successfully weathered multiple industry downcycles, and it is clear 2009 will be a challenging year for both the company and the industry. We are confident we have the right people, technology, and financial strength to address the task of successfully operating in a contracting market and position us to benefit from the marketÔÇÖs eventual recovery.ÔÇØ   Halliburton split from its contracting, engineering and construction subsidiary KBR in 2007, but has agreed to pay compensation on its behalf as a result of the Department of Justice and Securities and Exchange Commission Foreign Corrupt Practices Act (FCPA) investigations.   Albert Stanley, former chief executive of KBR, pleaded guilty to charges of corruption relating to operations in Nigeria. He and others were accused of gaining construction deals worth more than $6 billion by bribing Nigerian officials.   Founded in 1919, Halliburton is one of the worldÔÇÖs largest providers of products and services to the energy industry, with more than 55,000 employees in approximately 70 countries.   *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *