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Halliburton profit rises as higher crude prices boost drilling demand -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Halliburton corporate logo can be seen in Houston (Texas) on April 6, 2012. REUTERS/Richard Carson/File Photo

(Reuters) –Halliburton Co reported an increase in its fourth quarter adjusted profit Monday due to higher oil prices driving up demand for its equipment and services.

U.S. oil prices have risen more than half last year. They are currently hovering at $85 a barrel, thanks to the strong start to 2022. This is due to global economic recovery as well as supply reductions by OPEC.

This has encouraged drillers to increase drilling activity. According to Baker Hughes data, the U.S. number of rigs rose 68% year over year to 586 by the end the fourth quarter.

I am thrilled about the multi-year acceleration. Halliburton’s Chief Executive Officer Jeff Miller stated that he expects the macro-industry environment to be supportive, and that the simultaneous growth of the North American and international markets will continue.

Based in Houston, Texas, the adjusted net income of this company was $320million or 36cs per share for the quarter ended Dec. 31. This compares with $160million or 18cs a share a year ago.

Rivals Schlumberger (NYSE 🙂 and Baker Hughes beat market expectations in fourth quarter earnings last Wednesday.

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