Halliburton (HAL - Get Report) posted first-quarter earnings and revenue that were largely in-line with analysts' forecasts and noted a "rapid" increase in North American activity to start the year.

Halliburton said adjusted earnings were 4 cents a share for the three months ended in March, down 43% from the same period last year but modestly ahead of Wall Street's estimate of 3 cents. Revenue for the period grew 1.4% to $4.28 billion; the company said, essentially in-line with analysts' forecasts. 

Halliburton shares rose 0.7% in midday trading, to $47.38 with a year-to-date decline of more than 10%, against a 4.9% gain for the S&P 500.

"We are in the midst of a unique and challenging cycle with very different dynamics between the North American and international markets. We are the execution company," said President Jeff Miller. "I am excited by the activity I see in North America and confident in our ability to manage through any challenges in the international markets."

Halliburton data shows the firm added about 2,000 staff jobs and added about 2,000 jobs and beefed up its pressure pumping business as oil prices during the quarter roughly doubled, and Halliburton revenue grew almost 25% from 2016's fourth quarter 

"We are in the midst of a unique and challenging cycle with very different dynamics between the North American and international markets," President Jeff Miller said in the statement.

Halliburton, the world's second-largest oilfield services company, said North American revenue increased 24% and that its land activity outpaced right count growth over the three-month period.

Baker Hughes said last week that the count of oil rigs deployed in the U.S. rose to a record 857, more than double the number recorded in April 2016.

Schlumberger SLB, Halliburton's biggest rival, reported first-quarter revenue of $6.89 billion that missed analysts' forecasts even as the group said earnings met Wall Street estimates.