Halliburton Expects Leaner Days in Gulf

According to a July 19 report from the Houston Chronicle, despite a severe pullback in drilling in the Gulf of Mexico, Halliburton reported an 83% jump in profit and said it added 1,700 jobs in the second quarter, thanks to an increase in land-based drilling activity in North America and improved business abroad. But the company, with dual headquarters in Houston and Dubai, said it expects to feel the financial pinch of the government's six-month deep-water drilling moratorium and a slowdown of shallow-water drilling as soon as this quarter.

(Source: The Houston Chronicle)