Halliburton says hurricanes hurt revenue, profit

The oilfield services company, which has corporate offices in Houston and Dubai, said the impact of the two storms could reduce revenue by about $80 million in the July-September period, and earnings by 4 cents a share.

Halliburton said the late-summer hurricanes caused minor damage to some facilities along the Gulf Coast and interrupted operations in the Gulf and parts of Louisiana and Texas. Gustav and Ike shut down nearly 100 percent of oil and natural gas production in the Gulf for a couple of weeks earlier this month.

Halliburton's shares fell $3.71, nearly 11 percent, to $31.29 Monday, as the broader market plunged and the Dow Jones industrials saw their largest one-day point drop ever. Earlier in the session, Halliburton's stock hit a 52-week low of $29.

Analysts polled by Thomson Reuters have forecast revenue of $4.68 billion for Halliburton in the third quarter, which ends Tuesday. That would be up nearly 20 percent from the year-ago period.

Halliburton is scheduled to report third-quarter results Oct. 20.

Larger competitor Schlumberger Ltd. could disclose how the storms affected its operations during an investor conference Tuesday. Schlumberger shares also took a hit Monday, declining $12.28, or 14.3 percent, to $73.75. They've traded in a range of $72.30 to $114.84 in the past year.

Halliburton, Schlumberger and other oilfield services companies have posted hefty profits in recent quarters as customers scrambled to take advantage of high commodity prices. They provide technology, equipment and other services to help oil and gas companies find and tap new sources of fossil fuels.

In the past week, some analysts have said falling natural gas prices could reduce drilling activity and, in turn, crimp earnings for some services companies.