Halliburton profits slump; signs of activity

Halliburton Co. reported Friday that conditions improved in North America, the hardest hit region in the oil industry, though third-quarter profits fell well short of the same period last year.

Companies like Halliburton help oil and gas producers with drilling and other services. Those producers were hit hard this year by plunging oil prices, and they've squeezed the service companies to cut costs, which drained profits for Halliburton during the first half of the year.

Dave Lesar, Halliburton's chairman, president and CEO, said those conditions persist and that the entire sector is still under strain.