(Reuters) -Halliburton Co reported an 85% increase in its first quarter adjusted profit Tuesday, as a surge in crude oil prices boosted the demand for its equipment and services in the oilfield.

After a series of Western sanctions on Russia, oil sales from Russia’s second largest exporter slowed down, crude prices rose to the highest point in over a decade.

Baker Hughes data shows that the increase in oil prices encouraged more drilling activity by American producers.

Pre-tax charges of $22 Million were also taken by the company in quarter one for Ukraine assets written down due to ongoing conflict.

I expect that our international business will continue to grow throughout the rest of the year. “First-quarter revenue growth across all of our international regions, as well as North America, shows that the multi-year upcycle in business is underway,” Jeff Miller, Chief Executive Officer said in a statement.

For the quarter ended March 31, 2013, Houston-based Company’s Adjusted Net Income was $314 Million, which is 35cs per Share, as compared to $170million, or 19cs per Share, one year ago.