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

SourceReuters
SectorOil & Gas
CountryGulf

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

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...