Halliburton eyes multi-year up-cycle for oil markets as activity picks up – Reuters

Halliburton eyes multi-year up-cycle for oil markets as activity picks up – Reuters

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