Halliburton's profits surge

Profits at the energy services group Halliburton soared by 83 per cent in the second quarter, the American company said.

Revenues were up 26 per cent to $4.39bn (£2.9bn), compared with a year ago.

The impressive numbers came after Halliburton reported an increase in natural-gas drilling in the US, particularly in operations involving horizontal drilling of shale-gas deposits.

Yesterday's profits figures will bring some relief to Halliburton, which has become embroiled in BP's oil spill crisis in the Gulf of Mexico. The company was hired by BP to help to seal the damaged Macondo well. Since the accident on 20 April, Halliburton's share price has dipped by 17 per cent.

The company's results beat market expectations, sending the stock up by $1.66, or 6 per cent, on the New York Stock Exchange last night.