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Oilfield service provider Halliburton (HAL) said today that it expects to raise prices over 10% this year, a steeper increase than many consumers expected but one executives said is crucial to fueling the oil industry's stagnant growth, Reuters reports.

The escalating prices come as Jeff Miller prepares to become the 98-year-old company's CEO next month, taking over for Dave Lesar, the CEO since 2000.

"We will continue to implement our strategy," Miller said. "North America is absolutely our growth story today."

Shares of Halliburton were higher nearly 1% during afternoon trading on Thursday.

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