Oil Company Halliburton has recently announced a decline of around 45 percent in its first quarter revenue.

Halliburton is the company, which also involved in construction and supplying the troops with expensive products during the height of the Iraq war. Profits declined 4 percent too during this period.

Much of this is due to a fall in oil drilling activities in last year. Over 40 percent of Halliburton’s business concerns oil drilling. With United States President Obama opening up fields in Alaska and off the east coast, Halliburton’s profits are again expected to increase in the near future.

Further, the company has also said in a release that it was acquiring the company “Boots and Coots” as its competitor in the oil industry Schlumberger is also making acquisitions.

It is quite unexpected that the oil firms and the oil field concerned industries involved in drilling and drilling supplies to have a bad period of profit as well as increase for long.

Energy is still required and exploration and refinery construction is still lagging. Expect Halliburton to report better earnings in the next quarter.