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Oilfield services firm Halliburton has reported a 24% increase in total revenue for the first quarter of 2022, benefitting from increased crude prices.

In the three-month period that ended on 31 March 2022, the company’s total revenue was $4.3bn. The figure was $3.5bn for the same quarter a year ago.

Halliburton’s net income in the first quarter of 2022 totalled $263m, up from $170m recorded in the same period of 2021.

Reported operating income increased year-on-year from $370m in Q1 2021, to $511m in Q1 2022.

Adjusted net income in the quarter was $314m. The figure excludes impairments and other charges, and a loss on the early extinguishment of debt.

Halliburton CEO Jeff Miller said: “I am pleased with Halliburton’s first quarter results. Our performance demonstrated the resilience of our unique strategy in action and the importance of our competitive positioning, both in North America and international markets.”

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The company’s operating segment of Completions and Production reported a 26% increase in revenue in the first quarter of 2022, to $2.4bn.

The quarterly revenue of the Drilling and Evaluation segment totalled $1.9bn, up $350m compared to the first quarter of 2021.

Miller added: “We see significant tightness across the entire oil and gas value chain in North America. Supportive commodity prices and strengthening customer demand against an almost sold-out equipment market are expected to drive expansion in Completion and Production division margins.

“I expect our strong international business to increase throughout the remainder of the year. First quarter revenue growth in all our international regions, together with North America, demonstrates that this multi-year upcycle is well underway.”

Halliburton offers a range of services to the energy industry. This includes helping companies to identify hydrocarbons, managing geological data, well construction, drilling works and evaluation of formations, among others.

Last month, the company suspended its operations in Russia.