BJ Services 2Q Profit Falls 66 Percent

HOUSTON (AP) — Oilfield services provider BJ Services Co. said Tuesday its fiscal second-quarter earnings fell 66 percent due to lower drilling activity as the global economic recession hurt demand for energy.

Quarterly earnings slid to $43 million, or 15 cents per share, from $127.3 million, or 43 cents per share, during the same period last year.

The company's chief executive Bill Stewart said that North American drilling activity declined 27 percent year over year and at the current level of 975 active rigs, the U.S. drilling count has reached its lowest level in six years. ...