The New York Times-20080129-Halliburton Profit Rises

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Halliburton Profit Rises

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Halliburton, the oil field services company, said Monday that its emphasis on Middle Eastern markets had contributed to a nearly 5 percent increase in fourth-quarter profit.

The company has been adding people and equipment to the Middle East and elsewhere -- even moving its top executive overseas -- which it says helped Eastern Hemisphere sales grow 27 percent in the fourth quarter versus a year ago.

Halliburton said results were squeezed by higher costs and lower pricing in North America, a trend that also hindered a rival, Schlumberger, and could persist.

Net income in the fourth quarter rose to $690 million, or 75 cents a share, compared with $658 million, or 64 cents a share, in the period a year ago.