Halliburton Profit Nearly Doubles as Oil Price Surge Boosts Drilling Activity

The price increase has encouraged oil and gas producers to boost drilling activity, sending the U.S. rig count to 673 at the end of the first quarter.

Liz Hampton and Rithika Krishna

Oilfield services firm Halliburton Co. posted an 85% rise in first-quarter adjusted profit on April 19 as a rally in crude prices boosted demand for its services and equipment.

Crude futures climbed to their highest level in more than a decade during the quarter after a slew of Western sanctions against Russia disrupted oil sales from the world's second-largest exporter. U.S. West Texas Intermediate is currently around $105.34 a barrel while Brent futures are at $110.25 a barrel.

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