Halliburton (NYSE:HAL) beat on profit estimates thanks mostly to an increase in sales outside of the United States. In particular, Europe, Asia, and the Middle East. The company also announced that it’s expanding its buyback to $5 billion. The stock bumped up over $46.00 in pre-market.
A West Texas Boom
Some of our seasoned readers might remember the oil glut in the 1980s that resulted from lower demand and increased production following the tumultuous energy crisis in the late 1970s.
This also led to a considerable bust in oil activity in the Permian Basin.
Of course, production across Texas by then had already started its long, slow decline. The state’s field output had fallen more over 660,000 barrels between 1981 and 1989.
Well, dear reader, I’m happy to tell you the good times are rolling for West Texas once more. Click here to keep reading.