N. American Drilling Lifts Halliburton

Tue April 29, 2003 08:00 AM ET

NEW YORK (<a href=reuters.com>Reuters) - Halliburton Co. HAL.N , the world's No. 2 oilfield services company, on Tuesday said first-quarter earnings rose as North American drilling activity overcame international results hurt by war and political unrest in such key markets as Venezuela, Nigeria and the Middle East.

Houston-based Halliburton, which was hired in March by the Defense Department to control Iraqi well fires and repair the country's oil infrastructure, said its net income rose to $43 million, or 10 cents per share, from $22 million, or 5 cents per share, a year earlier.

In December, the company announced a $4 billion settlement package to more than 200,000 asbestos claims against it, the final details of which were still being negotiated. The settlement with plaintiffs who said they were harmed by asbestos products made by a Halliburton subsidiary is expected to take effect later this year.

Halliburton's stock closed up 11 cents at $21.31 per share Monday on the New York Stock Exchange.