Halliburton Sees ‘Multi-Year Upcycle’ as Oil Services Return

SourceYahoo News
SectorOil & Gas

Oops!Something went wrong.Please try again later.David WetheJuly 20, 2021, 6:03 AM·3 min read1 / 3Halliburton Sees ‘Multi-Year Upcycle’ as Oil Services ReturnIn this article: Oops!Something went wrong.Please try again later.

(Bloomberg) — Halliburton Co., the biggest provider of fracking services, is gearing up for several years of expansion in both the U.S. 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 Tuesday.

The Houston-based contractor rose as much as 2% in pre-market trading 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...