Activity in the Lower 48 natural gas basins softened during the first quarter, with hydraulic fracturing fleets pulled, and the slowdown may continue before the market balances, some of the largest oilfield services companies reported.

rig

Helmerich & Payne Inc. (H&P), NexTier Oilfield Solutions Inc., NOV Inc. and Patterson-UTI Corp. in delivering their first quarter results pointed to a decline in gas-directed drilling and completions in North America.

NexTier CEO Robert Drummond estimated that since the start of this year, “roughly” six  fracturing fleets overall had been dropped, although none were NexTier equipment.

“Natural gas demand did soften as expected as the quarter progressed, with industry activity in the primary gas basins down roughly six fleets since the...