Saudi operations boost Halliburton’s Mideast business in Q2

Halliburton reported rising activity in its Saudi business in the second quarter. (Reuters)

• Regional revenues received a boost from improved activity in multiple product service lines in Saudi Arabia

DUBAI: Halliburton said improved business in its Saudi operations helped to grow its Middle East second-quarter revenues.
The oilfield services contractor on Tuesday reported a 33.5 percent increase in second-quarter profit from the previous three months, as an oil price rebound spurred demand for work.
The Houston-based company said net income advanced to $227 million in the three months ended June 30, from $170 million in the first quarter.
Its Middle East and Asia revenues gained 5 percent sequentially to $925 million resulting from” improved activity in multiple product service lines in Saudi Arabia, higher well intervention services across the region, increased drilling-related services in Oman, higher completion tools sales in Kuwait,” the company said in a statement.
Global crude prices climbed 18.2 percent in the quarter ended June 30 following a 22.6 percent gain in the first three months of the year as speedy vaccinations encouraged the gradual re-opening of economies, Reuters reported.
Total US rig counts rose for the 11th straight month in June, according to Baker Hughes data. There were 470 rigs at the end of the second quarter. That compared with 417 at the end of the first quarter.