As reported by Reuters
, Halliburton has posted a profit in 3Q21, 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 30 September 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 US producers to increase drilling activity, with the US rig count rising to 521 rigs at the end of 3Q21, compared with 470 at the close of 2Q21, 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 CEO, Jeff Miller, said.
The Houston-based company posted net income attributable to the company of US$236 million, or 26 cents per share, in the 3 months ended 30 September, compared with a loss of US$17 million, or 2 cents per share, last year.
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