July 20 (Reuters) – Oilfield company Halliburton Co (HAL.N) on Tuesday said the industry was in the early stages of a multi-year up-cycle, as activity has rebounded from pandemic lows and pricing for some of its services has inched higher.
The Houston, Texas-based company reported a 33.5% jump in second-quarter profit from the previous three months, as higher crude prices buoys demand for oilfield services.
Global benchmark Brent futures rose to over $77 a barrel in early July – the highest since late 2018 – but were trading around $68.54 a barrel on Tuesday amid concerns that a spike in COVID-19 infections could dampen demand just as OPEC+ producers increase supply. read more
Halliburton Chief Executive Jeff Miller delivered a relatively bullish outlook for the global oil market, anticipating that drilling and completions spending in North America would grow by...read more...