Halliburton sees ‘multi-year upcycle’ as oil services return – MENAFN.COM

Halliburton sees ‘multi-year upcycle’ as oil services return – MENAFN.COM

Halliburton Co signage is displayed alongside storage tanks in Port Fourchon, Louisiana. The biggest provider of fracking services, is gearing up for several years of expansion in both the US and foreign markets as spending recovers in the global energy industry. (MENAFN - Gulf Times) Halliburton Co, the biggest provider of fracking services, is gearing up for several years of expansion in both the US and foreign markets as spending recovers in the global energy industry. "The positive activity momentum we see in North America and international markets today, combined with our expectations for future customer demand, gives us conviction for an unfolding multi-year upcycle," chief executive officer Jeff Miller said in a statement on Tuesday. The Houston-based contractor rose as much as 3. 1% on Tuesday after reporting better-than-expected second-quarter earnings. The bullish commentary from the world's No 3 oil-services provider follows comments last month from its largest rival, Schlumberger, which said the global economic recovery will trigger an energy-industry"supercycle" that should lead to wider margins. That represents a dramatic rebound for the sector, which was laid low last year by the pandemic and forced to lay off tens of thousands of workers. The three biggest companies –