Oil and gas supply and demand appears now to be heading in opposite directions, setting the stage for a potential upcycle in the industry, RPC Inc. CEO Richard A. Hubble said Wednesday.
Hubble, who runs the Atlanta-based oilfield services (OFS) giant, discussed the fourth quarter performance and outlook for 2021 during a conference call. RPC has exploration and production (E&P) customers that work onshore and offshore around the globe.
“We have greater visibility into the near-term activity levels than in the recent past,” Hubble said. “Commodity prices have improved, and our customers have a more constructive outlook.”
The forecast growth is expected to come “from a variety of different customers,” he said, private and public E&Ps.
One region likely to see...