Halliburton Co., which completes more onshore oil and gas wells in North America than any other operator, saw demand for its drilling services climb during the first three months of the year. 

The Houston oilfield services (OFS) giant reported its quarterly results on Wednesday, with CEO Jeff Miller presiding over the conference call with analysts. 

“The world is reopening, and even though some regions still experience lockdowns, overall economic and demand recovery continues to build,” Miller told analysts. “Oil demand is increasing globally, all inventories are down near their five-year averages,” and actions by the Organization of the Petroleum Exporting Countries and its allies “continue to support commodity prices.

“The first quarter strengthened our...