(Reuters) – Halliburton Co on Tuesday posted a quarterly profit, compared with a year-ago loss, as demand rebounded for its oilfield services from oil and gas producers resuming drilling after crude prices hit pre-pandemic levels.
Oil prices have rallied to multi-year highs with global crude prices climbing 4.5% in the quarter ended Sept. 30 and about 63% so far this year, helped by OPEC+’s decision to stay with its planned output increase rather than boosting it further in the face of global concerns about energy supply.
The price increase has also prompted some U.S. producers to increase drilling activity, with the U.S. rig count rising to 521 rigs at the end of the third quarter, compared with 470 at the close of the June quarter, according to Baker Hughes data.
“I see a multi-year upcycle unfolding. Structural global commodity tightness drives increased demand for our services, both internationally and in North America,” Halliburton Chief Executive Officer Jeff Miller said.
The Houston-based company posted net income attributable to company of $236 million, or 26 cents per share, in the three months ended Sept. 30, compared with a loss of $17 million, or 2 cents per share, last year.
(Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli)
