Halliburton Ready to Sacrifice Market Share to Boost Profit
- Posts surprise third-quarter profit vs. expected 6-cent loss
- North American sales grew for first time since oil crash
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After boosting North American sales for the first time during the downturn, Halliburton Co. is determined to raise prices for its services to lock in profits in the world’s largest fracking market.
Dave Lesar, chief executive officer for the biggest fracking provider, said he’s even ready to give up market share to cheaper rivals if that’s what it takes to return to a solid record of profitability. The company surprised investors by posting a penny-a-share third-quarter profit Wednesday, due in part to two-years of brutal cost-cutting during the downturn. Halliburton also benefited from an increase in oilfield drilling as crude prices strengthened from February lows and customers went back to work.