Halliburton profit jumps 33% as oilfield activity rebounds

July 20 (Reuters) – Halliburton Co (HAL.N) on Tuesday announced a 33.5% increase in second quarter profits from the previous three months on Tuesday, as crude prices rebound from pandemic lows boosted demand of petroleum services.

Global crude prices climbed 18.2% in the quarter ended June 30 and are up about 37% year-to-date. Rising prices helped bolster activity in the oilfield, with the number of U.S. rigs increasing for the 11th consecutive month in June, according to data from Baker Hughes.

There were 470 rigs at the end of the second quarter, up from 417 at the end of the March quarter.

“The positive activity dynamics that we are seeing today in North America and on international markets, combined with our expectations regarding future customer demand, gives us the conviction of a multi-year growth cycle underway”, said Jeff Miller, CEO of Halliburton.

Halliburton said net income attributable to the company reached $ 227 million, or 26 cents per share, in the quarter ended June 30, from $ 170 million, or 19 cents per share, in the first quarter. Wall Street analysts had forecast earnings of 23 cents per share for the quarter.

Shares of Houston-based Halliburton rose about 2% in pre-market trading.

Reporting by Arunima Kumar in Bengaluru and Liz Hampton in Denver; Editing by Sriraj Kalluvila and Chizu Nomiyama

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