Halliburton Co. is placing more resources in the growing Eastern Hemisphere market, a shift that contributed to a nearly 5% rise in fourth-quarter profit, the Houston oil field services provider reported Monday.
Net income rose to $690 million, or 75 cents a share, compared with $658 million, or 64 cents, during the final three months of 2006. Quarterly revenue rose 19% to $4.2 billion from $3.5 billion. Halliburton's revenue from the Eastern Hemisphere accounted for nearly 42% of total sales last year, up from 38% in 2006.
For the year, net income rose $3.5 billion, or $3.68 a share, from $2.3 billion, or $2.23, the previous year. Annual sales climbed to $15.3 billion from $13 billion.
Halliburton shares rose 46 cents to $33.55.