Halliburton's Earnings Dip as Oil Slides

By John Porretto

HOUSTON -- Halliburton(HAL Quote) said its first-quarter earnings tumbled 35% as oil and natural gas producers, stung by low prices, cut back on exploration and drilling.

The oilfield services company, which has corporate headquarters in Houston and Dubai, said Monday net income in the January-March period fell to $378 million, or 42 cents a share. That compared with $580 million, or 63 cents a share, during the same period a year ago.

Analysts polled by Thomson Reuters expected earnings of 41 cents a share.

Revenue fell 3% to $3.91 billion from $4.03 billion in the year-earlier quarter.