The uncertain direction of natural gas and oil prices during the second quarter led to an “underlying sense of apprehension” by oilfield services (OFS) companies, but there are signs that business will get better before the end of the year and improve through 2024 as customers prepare for more U.S. LNG exports.

Several of the biggest North American-based OFS companies have issued their second quarter results in recent days. Business was uneven between April and June as activity by U.S. and Canadian exploration and production (E&P) customers was muted.  

“Uncertainty around the macro outlook for crude oil and natural gas prices maintained an underlying sense of apprehension in the U.S. drilling market during the quarter,” Helmerich & Payne Inc. CEO John Lindsay said....