Halliburton posts Q3 profit as higher oil prices fuel drilling demand
The corporate emblem of Halliburton oilfield companies company workplaces is seen in Houston, Texas April 6, 2012. REUTERS/Richard Carson
Oct 19 (Reuters) – Halliburton Co on Tuesday posted a quarterly revenue, in contrast with a year-ago loss, as demand rebounded for its oilfield companies from oil and gasoline producers resuming drilling after crude costs hit pre-pandemic ranges.
Oil costs have rallied to multi-year highs with world crude costs climbing 4.5% within the quarter ended Sept. 30 and about 63% to date this 12 months, helped by OPEC+’s choice to stick with its deliberate output enhance slightly than boosting it additional within the face of world considerations about vitality provide.
The worth enhance has additionally prompted some U.S. producers to extend drilling exercise, with the U.S. rig depend rising to 521 rigs on the finish of the third quarter, in contrast with 470 on the shut of the June quarter, based on Baker Hughes information.
“I see a multi-year upcycle unfolding. Structural world commodity tightness drives elevated demand for our companies, each internationally and in North America,” Halliburton Chief Government Officer Jeff Miller mentioned.
The Houston-based firm posted internet earnings attributable to firm of $236 million, or 26 cents per share, within the three months ended Sept. 30, in contrast with a lack of $17 million, or 2 cents per share, final 12 months.
Reporting by Arunima Kumar in Bengaluru; Enhancing by Shinjini Ganguli
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