Halliburton posted fourth-quarter 2008 net income on Monday of $468 million, a 32-percent drop year-on-year primarily on money it might end up paying at the behest of the Department of Justice and the Securities and Exchange Commission — in all, at least $300 million.

At issue is understood to be dealings related to KBR, the construction and logistics company separated from oilfield-services Halliburton in 2007. Halliburton booked a gain of $933 million on the separation of KBR.

Whatever payments have to made, Halliburton could report fourth-quarter revenue was up 17 percent over the same time in 2007 to $4.9 billion. Revenue for all of 2008 was up 20 percent to $18.3 billion.

For Halliburton, 2008 was a record year for revenue and operating income. Business outside of its core North America grew by 22 percent, 35 percent in Latin America.

Company chief exec Dave Lesar, did, however, warn of downward pricing pressure on Halliburton’s services.

“We expect these pressures to continue in 2009,” Lesar said.

In the Gulf of Mexico — despite 14 percent fewer offshore rigs operating sine third-quarter 2008 —operations were merely “flat”.

Tags: Halliburton, KBR