U.S. oilfield firm Halliburton Co on Tuesday posted its third consecutive quarterly profit, as a jump in oil prices and drilling activity boosted demand for its services and equipment.
The company logo of Halliburton oilfield services corporate offices is seen in Houston, Texas April 6, 2012. REUTERS/Richard Carsonon Tuesday posted its third consecutive quarterly profit, as a jump in oil prices and drilling activity boosted demand for its services and equipment.
"I see a multi-year 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. Halliburton, a leading provider of hydraulic fracturing services to the U.S. market, is the first major oilfield services firm to report its third-quarter earnings. Rivals Baker HughesOilfield firms should be supported by the jump in activity, as the number of active U.S. hydraulic fracturing fleets climbed to 263 in early October, up from around 100 a year ago, according to data from Primary Vision.
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