Halliburton Co. Names Loeffler Chief Financial Officer -- Update

   By Maria Armental 
 

Halliburton Co. (HAL) has promoted Lance Loeffler to chief financial officer, the oilfield services company said Monday.

Mr. Loeffler, who joined Halliburton in 2014 as vice president of corporate development overseeing mergers and acquisitions, would be Halliburton's second CFO in less than two years. He replaces Christopher Weber, who joined Halliburton in June 2017 from Parker Drilling Co. and is leaving to pursue other opportunities, Halliburton said.

In announcing Mr. Loeffler's promotion from vice president of investor relations, Chief Executive Jeff Miller credited his knowledge of the company and experience with the investment community.

"Lance understands our returns-focused strategy, has a strong relationship with our executive management team and will have an immediate impact as he transitions into his new role," Mr. Miller said in a statement.

Before joining Halliburton, Mr. Loeffler was an investment banker at Deutsche Bank Securities Inc.

The Houston-based company posted stellar financial results this year, boosted in part by higher pressure-pumping activity, the main step in the fracking process in which water and other materials are injected into a well to break apart rock formations and unleash oil or natural gas.

For the first nine months of the year, profit surged to $992 million, or $1.13 a share, from $361 million, or 41 cents a share a year earlier. Revenue climbed to $18.06 billion from $14.68 billion a year ago.

Write to Maria Armental at [e-mail]

(END) Dow Jones Newswires

November 12, 2018 18:21 ET (23:21 GMT)

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