North American exploration and production (E&P) companies are set to increase their capital spending by 25% or more from 2021 as they ramp up activity to keep pace with rising global oil and gas demand, Halliburton Co. CEO Jeff Miller said Monday.

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The management team shared a microphone to discuss the macro environment, and discuss the fourth quarter and full-year 2021 results. Miller is seeing positive signs for more work across the board, he told analysts. 

“This is momentum that I have not seen in a long time,” he said of the activity levels by its E&P customers. Increased activity is underway in North America and the international markets, auguring well for oilfield services (OFS).

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