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As we start 2023, I also expect China's reopening to further increase demand. It's clear to me that oil and gas is in short supply and only multiple years of increased investment in both stemming declines and reserve additions will solve short supply. I believe these investments will drive demand for oilfield services for the next several years. The unique feature of this up cycle, as I see it, is the investor driven return discipline by both operators and service companies, which I expect drives a longer duration cycle and translates into years of increasing demand for Halliburton services.
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2022 Q4
21 Feb 23
On the supply side, in the US, an increased spend of almost 50% and activity growth of nearly 30% yielded a production increase of about 5%.
This should underpin /CL during 2023.
Transcript
2022 Q4
21 Feb 23
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