Global oil futures are currently trading around US$82 a barrel, down about 20% from a year ago but remain well above a level where firms can drill profitably.
The average international rig count, an indication of future production, for the quarter stood at 915, 11% higher than the previous year, according to Baker Hughes data.
Markets have been choppy in the past month, falling to around US$70 a barrel as a banking crisis sparked economic downturn worries and raised concerns over fuel demand outlook before rebounding on a surprise cut by OPEC Plus.
"Our customers are clearly motivated to produce more oil and gas and service capacity is tight," CEO Jeff Miller said in a statement.
Houston-based Halliburton said net income attributable to the company stood at US$651 million, or 72 cents per share, for the three months ended March 31, 2023 as compared to US$263 million, or 29 cents per share, a year earlier.
