Salem Radio Network News Sunday, November 27, 2022

Business

Halliburton profit rises as higher oil prices spark drilling demand

(Reuters) – Halliburton Co posted a rise in profit for the third quarter on Tuesday, wrapping up an upbeat earnings season from the world’s top oilfield services providers on strong demand fueled by higher oil prices.

Brent crude averaged $98.96 a barrel during the third quarter, up about 33% from a year earlier as sanctions on large oil producer Russia for its invasion of Ukraine upended global supply routes. Meanwhile, demand has rebounded sharply from pandemic lows.

Market leader Schlumberger reported its strongest quarterly profit since 2015, while Baker Hughes Co posted an adjusted third-quarter profit that topped Wall Street estimates.

“Looking forward, we see activity increasing around the world — from the smallest to the largest countries and producers,” Halliburton Chief Executive Officer Jeff Miller said in a statement.

Halliburton said its revenue from North America jumped 9% from the second quarter to reach $2.6 billion. Its international revenue rose 3% sequentially to $2.7 billion.

The Houston-based company’s net income rose to $544 million, or 60 cents per share, for the quarter ended Sept. 30, from $236 million, or 26 cents per share, a year earlier.

(Reporting by Shariq Khan; Editing by Sriraj Kalluvila)

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