(MENAFN) Houston-based Halliburton said that its net income for 2012 fell to USD2.64 billion, compared with USD2.84 billion in 2011, reported AP.
The second-largest oilfield services firm in the world said that revenues jumped by 15 percent, reaching USD28.5 billion, from USD24.83 billion.
Meanwhile, fourth-quarter net income declined 26 percent to USD669 million, from USD906 million in 2011's same period.
The company attributed the fall to a drop in North America, where drilling activity decelerated and the firm has been forced to charge lower prices for its services.
Quarterly revenue rose 3 percent, reaching USD7.29 billion, up from USD7.06 billion a year ago, the company's highest ever.
The company posted a plunge of 58 percent in its operating income from North America; however, its revenue in Latin America, Europe, Africa, the Middle East and Asia grew in the quarter.
It is worth noting that Halliburton, which is increasingly expanding its operations abroad, generated 57 percent of its income from overseas operations, according to analysts.
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