Halliburton stock fell 3.9% in response, having doubled since the start of December as a global rally in crude oil prices encouraged production companies across the world to invest more in raising output. While that process was tentative for most of 2021, it has gathered pace since Russia's invasion of Ukraine, which led the West to impose retaliatory sanctions on Moscow. Halliburton itself was forced to take a $22 million charge in the quarter due to writing down its assets in Ukraine. It was less affected than some of its industry peers by the sanctions on Russia, having no active joint ventures in the country. Russia's invasion and the general global recovery in demand as the pandemic recedes have tightened the global market considerably. The developments have given U.S. producers -- and their lenders -- more confidence to invest. Baker Hughes' North American Rig Count has already risen 14% this year to 548, its highest in over two years.