NEW YORK (AP) — Halliburton is reporting that its net income jumped nearly 50 percent in the final three months of 2011 as rising oil prices sparked new drilling projects.

The Texas-based company posted earnings of $906 million Monday, or 98 cents per share, for the fourth quarter. That compares with $605 million, or 66 cents per share, for the same part of 2010.

Excluding a $15 million charge, Halliburton earned $1 per share in the quarter. Revenue increased 36.9 percent to $7.06 billion.

For the full year, Halliburton Co. earned $2.84 billion, or $3.08 per share, compared with $1.84 billion, or $2.02 per share, in 2010. Annual revenue increased 38.1 percent to $24.8 billion.