Halliburton more than doubled its profits in the third quarter from a year ago, fueled by strong demand for oil-field services as energy prices rose.

Top oil-field service providers like Halliburton (ticker: HAL) and Schlumberger (SLB) – newly dubbed as SLB – have been busy as international sanctions in response to Russia's attack on Ukraine war have shaken up energy markets and increased prices, encouraging drilling activity. Brent crude, the international standard, averaged above $100 through most of the third quarter, up by double-digit percentages from a year ago.

Halliburton said Tuesday that it earned 60 cents a share, compared with the consensus call for 56 cents among analysts. The year-earlier result was a profit of 28 cents a share. Revenue was $5.4 billion for the quarter, slightly ahead of analysts' estimates of $5.3 billion.

CEO Jeff Miller said revenue grew by 6% from the previous quarter "as activity and pricing increased simultaneously in North America and International markets." Miller believes structural demand for more oil and gas supply will continue to provide strong tailwinds for Halliburton's business.

Miller's comments matched SLB , which also expects strong momentum in oil-related activity through the rest of the year. On Friday, SLB reported 63 cents in earnings for the third quarter, its strongest quarterly profit in years and topping estimates of 55 cents.

On Tuesday, Halliburton's stock rose 4% to $35.92; SLB stock was up 10.3% after trading ended on Friday.

One note for the bears in Halliburton's report was revenue in the Europe and Africa region. They declined by 11% sequentially almost entirely because of the exit from Russia. Cowen analyst Marc Bianchi said revenue would have been flattish if Halliburton hadn't left Russia.

Bianchi kept his Outperform rating on the stock after the results.