Halliburton reported a 32% rise in third-quarter profit Tuesday as higher international drilling and equipment demand helped overcome weakness in North America.
Oil and gas companies, who rely on service providers for drilling, well construction and completion services, are reinvesting record profits from the market disruption caused by Russia's invasion of Ukraine to intensify the hunt for new offshore and international sources.
International revenue rose 3% sequentially to $3.2 billion in the quarter on the back of Latin America strength, while revenue from North American fell 3% to $2.6 billion. North American producers have kept a tight lid on spending and production since the 2020 prices downturn. Halliburton and rival Baker Hughes had in July warned of weakening North America oilfield activity.
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