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The
company also said it was "fully committed" to completing its
takeover of smaller rival Baker Hughes Inc <BHI.N>, after the
U.S. Department of Justice extended its review of the deal.
Halliburton's shares rose 3 percent to $41.25 in premarket
trading on Monday.
The Halliburton-Baker Hughes deal is facing stiff regulatory
scrutiny because the companies have overlapping businesses in
the United States, Asia and Europe.
Halliburton has put up three drilling businesses for sale to
alleviate regulatory concerns and said on Monday it was "pleased
with the prices and level of interest" it had received.
The company was confident of achieving cost synergies of nearly
$2 billion from the deal regardless of market conditions or cost
cuts moves made by either company to date, Chief Executive Dave
Lesar said in a statement.
The company and its peers have been cutting costs and laying off
thousands of workers in response to lower drilling activity
globally due to the slump in crude oil prices.
Halliburton's revenue from North America slumped 38.5 percent in
the second quarter ended June 30. Revenue from outside the
region fell only 12 percent. North America accounts for 45
percent of the company's revenue.
Total revenue slumped 26.5 percent to $5.92 billion, but beat
analysts' average estimate of $5.78 billion.
Halliburton's net profit slumped 93 percent to $53 million, or 6
cents per share. Excluding charges related to the pending Baker
Hughes deal and other items, adjusted profit was 44 cents.
According to Thomson Reuters I/B/E/S, the company earned 38
cents per share, excluding depreciation cessation on assets held
for sale, deal-related costs, impairments and other charges.
That was higher than analysts' average estimate of 29 cents.
Through Friday's close of $39.99, Halliburton's shares have
fallen about 44 percent in the last 12 months, compared with a
38 percent fall in the Dow Jones U.S. oil equipment and services
companies index <.DJUSOI>.
(Reporting by Amrutha Gayathri in Bengaluru; Editing by Sriraj
Kalluvila and Savio D'Souza)
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