Tuesday, April 26, 2011

Halliburton Brings In Record $5.3 Billion In First Quarter, Credits Increased U.S. Oil Production Under Obama


Oil giant Halliburton reported record revenues in the first quarter of 2011, pulling in $5.3 billion. In a severe blow to the right-wing’s daily talking points, Halliburton attributes their robust earnings to increased domestic production under Obama:

Halliburton’s consolidated revenue in the first quarter of 2011 was $5.3 billion, compared to $3.8 billion in the first quarter of 2010…These increases were attributable to increased activity in United States land…

“I am extremely pleased with our Q1 results, as overall revenue in the first quarter set a company record of $5.3 billion. North America delivered strong performance as margins progressed due to increased activity…” said Dave Lesar, chairman, president and chief executive officer.

Lesar is confident that, under Obama, domestic energy production opportunities will continue to grow: “We have been confident about the robust outlook in North America, and the prospect of higher activity in the coming quarters has made us more bullish in the strength of our business in 2011 and beyond.”

The right wing has consistently and falsely accused Obama of choking off domestic supply. American Solutions, an organization funded by the fossil fuel industry and controlled by Newt Gingrich, accuses Obama on a daily basis of blocking domestic oil production. In reality, under Obama, U.S. oil production has reached its highest levels in nearly a decade.

Despite record revenue and profits, Halliburton and the rest of the oil industry continue to receive billions in taxpayer subsidies. Last night, John Boehner said he’d be willing to consider eliminating these subsidies, but his spokesman quickly walked back that statement. Of course, less than two months ago, Boehner voted to preserve all subsidies for the oil industry.

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