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Halliburton Co. surpassed profit expectations amid a tight market for oilfield supplies as the world’s biggest provider of frack services gears up for increasing activity around the world.
The company reported adjusted per-share profit of 60 cents in the three months through September, higher than the average estimate from analysts in a Bloomberg survey, and more than double the figure from a year earlier. The shares rose as much as 2.5% in premarket trading.
“Structural demand for more oil and gas supply will provide strong tailwinds for our business,†Chief Executive Officer Jeff Miller said in a statement announcing the results on Tuesday. “Looking forward, we see activity increasing around the world — from the smallest to the largest countries and producers.â€
The hired hands of the shale patch are reaping the rewards of a tight market for workers and equipment as oil explorers expand production. Miller has already warned that energy companies that don’t already have frack gear under lease will likely be out of luck until next year.
Halliburton boosted sales by more than a third to $5.4 billion, led by North America, which posted its best period of revenue in three years.
—Bloomberg