Halliburton Co, a U.S. oilfield services and equipment company, reported its third straight quarterly profit on Tuesday, as higher oil prices and drilling activity bolstered demand for its services and equipment.

Oil prices have risen to multi-year highs, with global crude futures up 4.5% in the quarter ended Sept. 30, aided by OPEC+'s decision to preserve rather than enhance its projected output increase in the face of global energy supply concerns.

Brent oil futures are trading at $85 a barrel, up nearly 64% so far this year, while benchmark U.S. crude is selling around $83.5 a barrel, up 72%.

Halliburton tops earnings estimates, forecasts stronger demand | Reuters

"I believe we are in the midst of a multi-year upcycle. Increased demand for our services, both internationally and in North America, is driven by structural global commodity scarcity "Jeff Miller, the CEO of Halliburton, stated the following.

In the three months ended Sept. 30, Houston-based Halliburton reported adjusted net income attributable to the business of $248 million, or 28 cents per share, up from $100 million, or 11 cents per share, in the same period last year.

According to Refinitiv IBES, the company's third-quarter earnings were in line with analysts' expectations, but revenue of $3.86 billion was slightly below average projections of $3.912 billion.