Reuters -- Halliburton Co posted a quarterly profit, compared to 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 rising in the Q3 ended Sept. 30 and about 63% so far this year, helped by OPEC's decision to keep with its planned output increase rather than boosting it further in face of global concerns about energy supply.
The price increase has also prompted some U.S. producers to increase drilling activity, with the U.S. rig count increasing toward 521 rigs at the end of the third quarter compared with 470 at the close of the June quarter, according to Baker Hughes data.
I see a multi year upcycle unfolding. Structural commodity tightness drives increasing demand for our services both in North America and internationally, Halliburton Chief Executive Officer Jeff Miller said.
The Texas-based company recorded net income attributable to company of $236 million, or 26 cents per share, in the three months ended Sept. 30, compared with a loss of $17 million, or 2 cents per share, last year.