UK-based Hunting, an energy services company, has reported an operating profit of GBP42.5 million for the first half of 2007, up 10% compared with GBP38.5 million recorded for the same period in 2006.
The company has posted revenues of GBP877.2 million, down 1% compared with GBP885.8 million recorded in 2006. It also posted a pre-tax profit before exceptional items of GBP38.9 million, up 10% compared with GBP35.3 million for 2006.
Dennis Proctor, CEO of Hunting, said: For 2007, the oil and gas industry did not expect as dramatic a growth as experienced in 2005 and 2006 due to labor constraints and project timing.
Mr Proctor added: We are pleased with our first-half results and improvement should continue for the second half. Weather, currency fluctuations, gas prices, light and heavy crude price differentials and geopolitical dynamics can and will influence future performance. However, the fundamentals of diminishing reserves against growing demand will provide your company with the opportunity to utilize its excellent and strategically located assets for future benefit.