Halliburton profit rises as oilfield activity rebounds on higher crude prices

(Reuters) Halliburton Co (HAL.N) on Wednesday reported a 6% rise in first-quarter adjusted profit from the previous three months, as a rebound in oil prices from pandemic lows fueled drilling activity and demand for oilfield services.

Higher oil prices during the quarter boosted drilling, completion and production, which led to the rebound in demand for oilfield equipment and services from 2020 lows.

Worldwide, rig count rose about 11.5% to 1,231 rigs in the quarter, according to Baker Hughes data.

“The first quarter marked an activity inflection for the international markets, while North America continued to stage a healthy recovery,” Chief Executive Office Jeff Miller said.

“I expect international activity growth to accelerate, and the early positive momentum in North America gives me confidence in the activity cadence for the rest of the year.”

Adjusted net income attributable to company rose to $170 million, or 19 cents per share, in the quarter ended March 31, from the $160 million, or 18 cents per share, in the fourth quarter.

Total revenue rose 6.6% to $3.45 billion from the fourth quarter. Analysts’ on average had estimated revenue of $3.36 billion, according to Refinitiv IBES data.

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