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U.S. oil prices rose more than 50% last year and have made a
strong start to 2022, hovering around $85 a barrel, thanks to
the global economic recovery from the coronavirus pandemic and
supply cuts by producer group OPEC.
That has encouraged producers to ramp up drilling activity, with
the U.S. rig count rising 68% year-over-year to 586 at the end
of the fourth quarter, according to Baker Hughes data.
"I expect the macro industry environment to remain supportive
and the international and North America markets to continue
their simultaneous growth," Halliburton Chief Executive Jeff
Miller said in a statement. The company's completions and
production unit saw solid-teen margins for the quarter, he said.
Halliburton said it would boost its dividend to 12 cents,
payable on March 23, up from a 4.5 cents dividend previously.
Shares in the Houston, Texas-based company were up about 1.7% in
early trading to $28 each. West Texas Intermediate (WTI) crude
futures were down slightly at $84.94 a barrel.
Halliburton's fourth quarter adjusted net income totalled $320
million, or 36 cents per share, topping Wall Street estimates of
34 cents a share, according to Refinitiv IBES. Adjusted net
income was $160 million, or 18 cents per share, a year ago.
Revenue of $4.3 billion also beat analysts expectations of $4.1
billion.
Rivals Schlumberger and Baker Hughes topped market expectations
for fourth quarter earnings last week.
(Reporting by Arunima Kumar in Bengaluru; Editing by Aditya Soni
and Susan Fenton)
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