COMPANY NEWS IN BRIEF
21 October 2021 | Business
US oilfield firm Halliburton Co on Tuesday posted its third consecutive quarterly profit and said customer spending in the United States could jump 20% next year, as stronger oil prices and drilling activity boost demand for services and equipment.
Oil prices have rallied to multi-year highs with global crude futures climbing 4.5% in the quarter ended Sept. 30, helped by OPEC+'s decision to maintain its planned output increase rather than raising it on global supply concerns.
Brent oil futures are trading around US$84.4 a barrel, up about 63% so far this year, while benchmark US crude is at roughly US$82.5 a barrel, up 70% over the same period.
"I see a multiyear upcycle unfolding. Structural global commodity tightness drives increased demand for our services, both internationally and in North America," Halliburton Chief Executive Officer Jeff Miller said.
Miller said the company is reallocating some equipment to drive better returns, and that it has seen some net pricing gains for its services. Next year's jump in customer spending will be the result of both better pricing and inflation, he said. -Nampa/Reuters