Oilfield giant Halliburton revenue surges on rising oil prices

The company reported revenue of $4.3 billion from September to December, besting the $4.1 billion predicted by the market. For the full year 2021, Halliburton revenue reached $15.3 billion, compared with estimates of $15.1 billion.

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New York: US oilfield giant Halliburton said Monday it posted better-than-expected quarterly and annual revenue, buoyed by the soaring price of crude which is driving increased demand for its services to oil and gas operators.

The company reported revenue of $4.3 billion from September to December, besting the $4.1 billion predicted by the market. For the full year 2021, Halliburton revenue reached $15.3 billion, compared with estimates of $15.1 billion.

The price of WTI crude, listed in New York, climbed 55 percent in 2021 and continued to skyrocket in January 2022 amid strong demand with economies recovering and global supply still limited.

The situation has led US producers to ramp up drilling activities. According to oil services company Baker Hughes, a Halliburton rival, 604 drilling sites were active in the United States as of January 21 -- up 60 percent from a year earlier.

Quarterly profit reached $320 million, Halliburton said in a statement. Earnings per share, excluding special items, were 36 cents, slightly better than the 34 cents forecast, while earnings for the year reached $1.08.