Halliburton nears $559 million Nigeria settlement

NEW YORK (Reuters) - Oilfield services company Halliburton Co said on Monday that it was nearing a $559 million settlement with the United States over a Nigerian kickback scandal and posted higher-than-expected quarterly earnings.

Under the prospective settlement, Halliburton, the No. 2 oilfield services company, would pay $382 million to the U.S. Department of Justice for its former KBR unit's role in payments to Nigerian officials linked to a natural gas project and another $177 million to the Securities and Exchange Commission in "disgorgement."

Including a $308 million charge for the prospective settlement, Halliburton's fourth-quarter net profit fell to $468 million, or 53 cents per share, from $690 million, or 75 cents per share, a year earlier.

But excluding one-time charges and gains, the company's earnings of 82 cents per share topped the 73 cents that analysts had expected, according to Reuters Estimates.

Revenue rose 17 percent to $4.9 billion.

Rival Weatherford International Inc posted earnings from continuing operations of $364 million, or 53 cents per share, compared to $345 million, or 49 cents per share, a year earlier.

On Friday, Schlumberger Ltd reported lower profit and warned of spending cuts by customers this year. But investors felt the results and outlook could have been worse, and shares of the world's largest oilfield services company jumped 10 percent, giving the sector a lift.