The U.S. oil sector has entered the “early innings” of a rebound with more growth to come, Halliburton chairman and CEO Jeff Miller said Tuesday, explaining that the Iran war is forcing countries to prioritize energy security by capturing more barrels both domestically and from other regions outside the Middle East.
Amid the pain of higher prices at the pump and in supply chains, there are bright spots for oilfield services companies like Halliburton, which conducts drilling and fracking work (hydraulic fracturing), as oil production ramps up around the world to make up for disruptions caused by the war and the standoff over the pivotal Strait of Hormuz, through which some 20% of global energy supplies flow.
