North America exploration and production (E&P) companies should increase their capital spending by 20% in 2022 as they lock up equipment and labor in an ever tightening global market, Halliburton Co. CEO Jeff Miller said Tuesday.

Halliburton

The No. 1 completions expert in North America kicked off earnings season for the oilfield services sector in an early morning call with investors, setting the tone for what to expect in the next few weeks.

“I see a multi-year upcycle unfolding,” Miller said. “Structural global commodity tightness drives increased demand for our services, both internationally and in North America. I believe Halliburton is uniquely positioned in both markets to benefit from this improving environment.”

In North America, there is “customer urgency, equipment...