US oilfield services giant Halliburton posted a net profit of $651 million for the first quarter of 2023, up 148% from the net income of $263 million reported in the same quarter last year.

Halliburton’s total revenue for the first quarter of 2023 was $5.7 billion compared with total revenue of $4.3 billion in the first quarter of 2022, up 33% year on year.

In January, Halliburton chief executive Jeff Miller told analysts that they could expect the company’s “earnings power” to strengthen in 2023 after reporting a net profit of $1.57