(Reuters) -Halliburton Co posted an 85% rise in first-quarter adjusted profit on Tuesday as a rally in crude prices boosted demand for its oilfield services and equipment.
Crude prices rallied to their highest level in more a decade during the quarter after a slew of Western sanctions against Russia disrupted oil sales from the world’s second-largest exporter.
The price increase encouraged oil and gas producers to increase drilling activity, sending the U.S. rig count to 673 rigs at the end of the first quarter, from 586 at the close of the fourth quarter, according to Baker Hughes data.
The company also recorded a pre-tax charge of $22 million in the quarter for the writedown of its assets in Ukraine due to the ongoing conflict.
“I expect our strong international business to increase throughout the remainder of the year. First-quarter revenue growth in all our international regions together with North America demonstrates that this multi-year upcycle is well underway,” Chief Executive Officer Jeff Miller said in a statement.
The Houston, Texas-based company’s adjusted net income was $314 million, or 35 cents per share, for the quarter to March 31, compared with $170 million, or 19 cents per share, a year ago.
(Reporting by Rithika Krishna in Bengaluru; Editing by Devika Syamnath)
