Halliburton Posts Third-quarter Profit as Higher Oil Prices Fuel Drilling Demand

Houston-based Halliburton posted adjusted net income attributable to the company of $248 million, or 28 cents per share, in the three months ended Sept. 30, up from the $100 million or 11 cents per share reported a year earlier.

Liz Hampton and Arunima Kumar, Reuters

U.S. oilfield firm Halliburton Co. on Oct. 19 posted its third consecutive quarterly profit, as a jump in oil prices and drilling activity boosted demand for its services and equipment.

Oil prices have rallied to multiyear 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 amid global supply concerns.

Brent oil futures are trading around $85 a barrel, up about 64% so far this year, while benchmark U.S. crude is at roughly $83.5 a barrel, up 72% over the same period.

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