(Bloomberg) — Halliburton Co. said North American oil and natural gas drillers will increase spending by 35% this year, up from the company's pre-war forecast in Ukraine.
The oil services giant did not directly attribute the increased spending to the consequences of Russian President Vladimir Putin's attack on Ukraine, but noted that scouts are turning to “short-cycle barrels,” which is industry jargon for shale fields.
Halliburton had previously estimated that North America's drilling budget for 2022 would grow by 25% compared to last year.
In a sign of the strength of demand for crews and equipment, the Houston-based company told analysts during a conference call Tuesday that its entire fracking fleet is currently operating, leaving no available capacity.
That shortage will continue to increase worker and equipment prices during the current quarter, executives said during the call.
Original Note:
Halliburton Raises North American Oil-Industry Spending Outlook
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