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Halliburton profit rises as higher crude prices boost drilling demand


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The company logo of Halliburton oilfield services corporate offices is seen in Houston, Texas April 6, 2012. REUTERS/Richard Carson/File Photo
The company logo of Halliburton oilfield services corporate offices is seen in Houston, Texas April 6, 2012. REUTERS/Richard Carson/File Photo

Jan 24 (Reuters) – Halliburton Co (HAL.N) posted a rise in fourth-quarter adjusted profit on Monday as higher crude oil prices drove up demand for its oilfield services and equipment.

U.S. oil prices rose more than 50% last year and have made a strong start to 2022, hovering around $85 a barrel, thanks to the global economic recovery and supply cuts by producer group OPEC.

That has encouraged producers to ramp up drilling activity, with the U.S. rig count rising 68% year-over-year to 586 at the end of the fourth quarter, according to Baker Hughes data.

“I am excited about the accelerating multi-year upcycle. I expect the macro industry environment to remain supportive and the international and North America markets to continue their simultaneous growth,” Halliburton Chief Executive Officer Jeff Miller said in a statement.

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The Houston, Texas-based company’s adjusted net income was $320 million, or 36 cents per share, for the quarter to Dec. 31, compared with $160 million, or 18 cents per share, a year ago.

Rivals Schlumberger (SLB.N) and Baker Hughes (BKR.O) topped market expectations for fourth quarter earnings last week.



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