Halliburton Company(NYSE:HAL) on Wednesday reported a 12 percent dip in quarterly income lagging analyst forecasts, hit by a decline in drilling activity and rise in costs at its core North American business.
The Houston energy services company earned $602 million, or 65 cents per share, down from $683 million, or 74 cents per share, a year ago. Revenue rose 9 percent to $7.11 billion. That was the smallest year-over-year revenue growth since the first quarter of 2010.
There has been a boom in natural gas production and that hit the prices of the product. Companies are slowing down production to match supply with demand and this has resulted in a drop in drilling activity.
Halliburton said that natural gas rig count on land in North America dropped by 18 percent in the third quarter. Its revenues dipped 5 percent in North America.
Halliburton shares fell 51 cents to $34.05 in morning trading.
Meanwhile TiVo Inc.(NASDAQ:TIVO) said claimed that it is entitled to billions of dollars’ worth in damages from Google, if it wins a patent infringement case against its Motorola Mobility unit.
“Motorola’s massive production of infringing DVRs dwarfs the numbers of accused products at issue in TiVo’s previous cases,” TiVo said in a filing in a federal court in Marshall, Texas. “TiVo’s damages claim is likely to run into the billions of dollars.”
TiVo made the disclosure following a request that it club the case along with a similar one involving Cisco Systems, to speed up the trial and conserve resources.