Oil services company Halliburton reported solid second quarter results . Its shares are rising.

Halliburton (ticker: HAL) stock is up about 3% in early trading Tuesday. S&P 500 and Dow Jones Industrial Average futures are up 0.8% and 0.6%, respectively.

It looks like earnings are responsible for the rise. The company reported second quarter earnings per share of 49 cents from $5.1 billion in sales. Wall Street was looking for EPS of 45 cents and $4.7 billion in sales. A year ago, Halliburton reported EPS of 26 cents and $3.7 billion in sales.

Reported free cash flow looks a little light, coming in at $215 million. Analysts were projecting $313 million. Still, it looks like a solid report. Adjusted quarterly profit was Halliburton's biggest since 2018.

"Our strong second quarter performance demonstrates that our strategy is working well," said CEO Jeff Miller in the news release. "I expect the international markets will experience multiple years of growth, and I am confident that Halliburton is positioned to benefit more from this multi-year upcycle than ever before."

An earnings beat doesn't guarantee a stock rises. Halliburton shares fell after reporting strong second quarter numbers. How a stock is trading coming into earnings will go a long way to determining investors reaction. Coming into earnings, Halliburton stock is down about 9% over the past month. The S&P is up about 4% over the same span.

Coming into Tuesday trading, Halliburton shares are up 26% year to date as energy prices have soared. Benchmark oil prices are up about 37% year to date.

Management hosts a conference call at 9 a.m. eastern time to discuss results. Analysts and investors will want an update about the direction of oil prices and how Halliburton plans to handle energy price volatility.