North American oil and natural gas producers are likely to increase their capital spending by more than one-third this year, as they boost short-term cycle projects and deal with rising inflationary costs, Halliburton Co. CEO Jeff Miller said Tuesday.

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The Houston-based company, the No. 1 hydraulic fracturing company in North America, kicked off the first quarter earnings season for the oil and gas complex. During a conference call to discuss results and the outlook for 2022 and beyond, Miller shared a microphone with CFO Lance Loeffler. 

“We see significant tightness across the entire oil and gas value chain in North America,” Miller said. “Supportive commodity prices and strengthening customer demand against an almost sold-out equipment market are expected to drive...