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Global crude prices, which were up over 6% in the quarter, have lingered above $100 a barrel in recent months, mainly boosted by western sanctions on Russia, the second-largest crude exporter in the world, following its invasion of Ukraine.
The rally in prices and supply concerns have invited calls from the Biden administration for oil and gas producers to spend the profit windfall on raising output.
The U.S. rig count rose to 750 rigs at the end of the second quarter, compared with 673 at the close of the first quarter, according to Baker Hughes data.
The Houston, Texas-based company’s adjusted net income was $442 million, or 49 cents per share, for the quarter ended June 30, compared with $314 million, or 35 cents per share, in the previous quarter.
