A sense of “customer urgency” to expand production should mean several highly profitable years for Halliburton, chief executive Jeff Miller told the fourth-quarter earnings call.

He said global energy demand has largely bounced back from lows caused by the pandemic in 2020. Oil and gas companies that had been hesitant to commit money to new operations are now being forced to rush to keep pace.

Halliburton expects upstream activity to bounce back strongly in the US in 2022, with oil and gas companies forecast to increase their capital expenditure by 25% from last year.