The chief executive of Halliburton says the worst of the energy downturn appears to be over, with oil companies outside of North America set to take market share in the ongoing recovery. Though the rise in Covid-19 cases calls for caution, crude prices have climbed back above pre-pandemic levels and improving demand could set the stage for "the beginning of a multi-year energy up-cycle," Halliburton CEO Jeff Miller says in an upbeat earnings call. But the current recovery, he says, will look different from past cycles. Halliburton expects international oil activity to grow by a low double-digit percentage in the second half of the year, while their North American rivals increase spending at a slower pace. The world's second-largest oilfield services company saw revenue fall 36% in 2020, as oil companies cut spending and drilling rigs in the pandemic.