Unfortunate Oil Speed Does Not Reach Halliburton

Despite being surrounded by controversy oil giant Halliburton reported a rise of a whopping 83% in profits in the second quarter. The unfortunate Deepwater Horizon scandal also did not affect revenue growth of the oil giant which rose 26% to a staggering 4.39 billion. The company also employed 1700 people in the last quarter making it’s work force to an amount of 57,000.

Halliburton was specifically involved in the Gulf oil spill as it worked on the Gulf oil rig just 20 hours before it burst into flames. There has been a moratorium on new off shore drilling projects for the oil giant as well. Despite all this negativity Dick Cheney’s former company has rapidly filled in it’s own profit gaps during perhaps the worst case of oil spill in history. This ban will affect the company only by bringing it’s share down by 5 to 8 cents for the coming two quarters.
In an interview to investors and analysts CEO of Halliburton Dave Lesar that the company had started deploying it’s employees based in the Gulf to it’s brand new interest; “land drilling operations”. Halliburton is also looking at promoting off shore drilling projects in Norway, Mexico and Brazil.

Lesar said, “The tragic oil spill in the gulf and the suspension of deep water drilling projects which subsequently followed will usher in new regulatory climate and will also have a great impact on the process of deep water drilling”.
Halliburton stands second after Shell in patent building activities according to Patent scorecard. The company has said that the new technologies will be used to capitalize the untapped and unexplored markets.
This positive progress and reports have lead to the company’s margin widening from a mere 3% a few quarters ago to astonishing pre recession levels of 21%.