Following a second quarter of across-the-board sequential improvement for the company’s financial metrics, including a 12% increase in revenue for its North America segment, management for Halliburton Co. sees itself at the start of a “multi-year upcycle.”

Reported quarterly losses in 2020 were steep, but after getting back into the black financially in the first quarter, the Houston oilfield services (OFS) giant continued to improve on revenue and income during the second quarter. 

Halliburton’s North America business saw revenue rise to $1.6 billion, driven by higher pressure pumping services, drilling-related services and wireline activity on land. Gulf of Mexico well construction activity was also higher during the quarter, management said. Partially offsetting the...