Stock Groups

Halliburton posts Q3 profit as higher oil prices fuel drilling demand By Reuters

by Mike Robinson

[ad_1]

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

(Reuters) – Halliburton (NYSE) Co posted a quarterly profit on Tuesday, compared to a loss a year ago, due to increased demand for oilfield services. This was in response to oil and gas producers resuming oil drilling following the 2008 pandemic.

The rally in oil prices has been multi-years long. Global crude prices have risen to multiyear highs. They rose 4.5% in September 30th and 6.3% this year. This is due to OPEC+’s decision not to increase its output further to address global worries about the energy supply.

According to Baker Hughes data, the price rise has also caused some U.S. producers increase their drilling activity. The U.S. had 521 rigs as of the end of third quarter, up from 470 by the end of June quarter.

“I see a multiyear-long upcycling.” Jeff Miller, Halliburton’s Chief Executive Officer, stated that structural global commodity tightness is driving increased demand for their services in North America and internationally.

A Houston-based firm posted net income attributable company of $236 millions, or 26cs per share in the three months ending Sept. 30. This compares with $17 million or 2 cents/share last year.

Disclaimer Fusion MediaThis website does not provide accurate and current data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this website’s data including quotes, charts, or buy/sell signal information. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.



[ad_2]