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Halliburton CEO David Lesar. Image courtesy of UTEP Miners/Youtube.

Halliburton’s profits jumped 70 percent during the third quarter as the company took in record revenues despite slumping oil prices.

The company brought in $1 billion in income during the third quarter, up from $776 million during the second quarter.

Total third quarter revenue hit a record $8.7 billion, an 8 percent increase over the second quarter.

The U.S. drilling boom helped boost Halliburton’s North America revenues by 15 percent as service intensity levels “surged to unprecedented levels.”

Halliburton CEO Dave Lesar said demand for well completion services has been especially strong.

The company is bolstering its sand storage capacity, doubling its rail car fleet and inking 30 new deals to grow its sand supply and keep pace with demand, the Houston Chronicle said.

South America was also a bright spot for Halliburton with a 16 percent increase in revenues and a doubling of operating income over last quarter.

The company also saw a steady expansion in its eastern hemisphere business with revenues growing by 4 percent.

Halliburton beat analysts expectations with third quarter earnings reaching $1.19 per diluted share.

While some investors are concerned that low oil prices will slow the pace of drilling Lesar said he expects the current downtrend to be short.

The company’s board also approved a 20 percent bump to the company’s dividend.