Halliburton 2Q earns grow 54 percent

By CHRIS KAHN | July 18, 2011 | 7:29 AM EDT

NEW YORK (AP) — Halliburton Co. says the expansion of oil and natural gas drilling in North America helped boosted company earnings by nearly 54 percent in the second quarter. Revenue also hit a company record for the period.

The Houston oil services company on Monday reported earnings of $739 million, or 80 cents per share, for the three months ended June 30. That compares with $480 million, or 53 cents per share, for the same part of 2010. Revenue increased 35.2 percent to $5.94 billion.

The results beat Wall Street earnings expectations of 73 cents per share on revenue of $5.64 billion, according to FactSet.

CEO Dave Lesar says that growing energy demand around the world will continue to drive Halliburton's business.

Halliburton's report kicks off earnings season for the oil industry.