(Reuters) -Halliburton Co posted a rise in fourth-quarter adjusted profit on Monday as higher crude oil prices drove up demand for its oilfield services and equipment.
U.S. oil prices rose more than 50% last year and have made a strong start to 2022, hovering around $85 a barrel, thanks to the global economic recovery and supply cuts by producer group OPEC.
That has encouraged producers to ramp up drilling activity, with the U.S. rig count rising 68% year-over-year to 586 at the end of the fourth quarter, according to Baker Hughes data.
“I am excited about the accelerating multi-year upcycle. I expect the macro industry environment to remain supportive and the international and North America markets to continue their simultaneous growth,” Halliburton Chief Executive Officer Jeff Miller said in a statement.
The Houston, Texas-based company’s adjusted net income was $320 million, or 36 cents per share, for the quarter to Dec. 31, compared with $160 million, or 18 cents per share, a year ago.
Rivals Schlumberger and Baker Hughes topped market expectations for fourth quarter earnings last week.
(Reporting by Arunima Kumar in Bengaluru; Editing by Aditya Soni)
