Halliburton profit surges past expectations as cost cuts pay off

Revenue fell by 4 percent to $7.05 billion in the first quarter, but beat analysts' average expectation of $6.96 billion, according to Thomson Reuters I/B/E/S, helped by strength in the Middle East and Asia and Latin America. North America, which accounted for more than half the company's first-quarter revenue, "experienced an unprecedented decline in drilling activity," Chief Executive Dave Lesar said in a statement. The average U.S. rig count has fallen about 40 percent since June and was at 1,110 in March, according to a Baker Hughes Inc (BHI.N) survey. Halliburton also forecast a fall in current-quarter revenue from North America as a 45 percent fall in oil prices since June continues to force drillers to slash spending.

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