more than doubled its profits in the third quarter from a year ago, fueled by strong demand for oil-field services as energy prices rose.
Top oil-field service providers like
(ticker: HAL) and
(SLB) –newly dubbed as SLB– have been busy as international sanctions in response to Russia’s attack on Ukraine war have shaken up energy markets and increased prices, encouraging drilling activity. Brent crude, the international standard, averaged above $100 through most of the third quarter, up by double-digit percentages from a year ago.
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