NEW YORK (AP) — Halliburton Co. says its first-quarter profit increased 22.7 percent as the oil industry aggressively searched for new oil fields in North America.

The Houston oil services firm on Wednesday reported net income of $627 million, or 68 cents per share, for the first three months of the year. That compares with $511 million, or 56 cents per share, for the same part of 2011. Revenue increased by 30 percent to $6.87 billion.

Excluding a $300 million charge for estimated losses related to its role in the 2010 Gulf of Mexico oil spill, Halliburton says it earned 88 cents per share.

Analysts had expected earnings of 85 cents per share on revenue of $6.79 billion, according to FactSet.

Shares rose 54 cents, or 1.7 percent, to $33.20 in premarket trading.