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Crude prices rallied to their highest level in more a decade
during the quarter after a slew of Western sanctions against
Russia disrupted oil sales from the world's second-largest
exporter.
The price increase encouraged oil and gas producers to increase
drilling activity, sending the U.S. rig count to 673 rigs at the
end of the first quarter, from 586 at the close of the fourth
quarter, according to Baker Hughes data.
The company also recorded a pre-tax charge of $22 million in the
quarter for the writedown of its assets in Ukraine due to the
ongoing conflict.
"I expect our strong international business to increase
throughout the remainder of the year. First-quarter revenue
growth in all our international regions together with North
America demonstrates that this multi-year upcycle is well
underway," Chief Executive Officer Jeff Miller said in a
statement.
The Houston, Texas-based company's adjusted net income was $314
million, or 35 cents per share, for the quarter to March 31,
compared with $170 million, or 19 cents per share, a year ago.
(Reporting by Rithika Krishna in Bengaluru; Editing by Devika
Syamnath)
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