US oilfield services giant Halliburton has posted a net profit of $656 million for the fourth quarter of 2022 while growth in 2023 is expected in international markets, particularly Latin America and the Middle East.

Halliburton’s profit was up 18% from the third quarter but 23% lower than the $827 million net income reported in the same period of 2021.

Chief executive Jeff Miller said: “Halliburton’s execution in 2022 demonstrated the earnings power of our strategy, and I expect this earnings power to strengthen in 2023 and beyond.”