The decline in U.S. natural gas prices, combined with elevated costs to drill a well, are forecast to slow down drilling and completions (D&C) activity in the gassy basins of the Lower 48. Rystad Energy Vice President Serik Omarov in a note said the gas price decline has created uncertainty for exploration and production (E&P)…
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Articles from ofs
‘Good Time’ for Global LNG as Customers Ready to Talk, Says Baker Hughes CEO
Baker Hughes Co. generated record orders in the fourth quarter, driven by “multiple awards” for LNG and offshore production equipment, CEO Lorenzo Simonelli said Monday. In a conference call to discuss quarterly and full-year earnings, the CEO noted that operationally, the Houston-based oilfield services (OFS) giant “continues to navigate challenges” in “different parts of the…
Domestic OFS Employment Nears Pre-Pandemic Levels, with Gains in November
U.S. oilfield employment rose in November month/month, with gains in all six tracked categories, according to the trade group Energy Workforce & Technology Council. Domestic jobs in the broad oilfield services and equipment sector, aka OFS, climbed by an estimated 2,346 jobs to 645,486 in November, the preliminary data from the U.S. Bureau of Labor…
Halliburton ‘Very Encouraged’ About 2023 North American Oilfield Services Outlook
International natural gas and oil market activity is accelerating, and North American service capacity is tightening, with pricing “moving up in both markets,” Halliburton Co. CEO Jeff Miller said Tuesday. Miller helmed a conference call with analysts to discuss third quarter results, noting the Houston-based oilfield services (OFS) giant is using the technology honed in…
SLB Revamps Following Strong 3Q Lower 48, Global OFS Results
Two days after reporting solid third quarter results, Schlumberger Ltd. changed its brand to SLB, underscoring its vision for a “decarbonized energy future.” The bellwether oilfield services (OFS) operator, the world’s largest, rebranded to the New York Stock Exchange symbol to affirm its evolving focus on “driving energy innovation for a balanced planet” as a…
Schlumberger Rebranding in Shift to ‘Decarbonized Energy Future,’ but OFS Still Big
Schlumberger Ltd., founded 96 years ago, has changed its brand to SLB, underscoring its vision for a “decarbonized energy future,” the company said Monday. The rebranding to the New York Stock Exchange symbol is designed to affirm its transformation from the world’s largest oilfield services company to focus on “driving energy innovation for a balanced…
Baker Hughes CEO Forecasts ‘Multi-Year Upturn’ in Global Upstream Spending
The executive team of Houston-based Baker Hughes Co. acknowledged there were challenges during the third quarter of 2022, but overall the team remains optimistic about the emerging upcycle, with a continuing bullish view for LNG. The oilfield services (OFS) giant operates around the world in four segments: OFS, Oilfield Equipment (OFE), Turbomachinery & Process Solutions…
Baker Hughes Bullish on LNG, but Brownfield Expansions Likely to Eclipse Newbuilds
Houston-based Baker Hughes Co. kicked off third quarter earnings season for the oil and natural gas sector on Wednesday, acknowledging challenges but optimistic about the emerging upcycle, with a continuing bullish view for LNG. The oilfield services (OFS) giant operates around the world in four segments: OFS, Oilfield Equipment (OFE), Turbomachinery & Process Solutions (TPS),…
U.S. Oilfield Services Employment Increases in September, Though Pace of Hiring Slows
Employment in the U.S. oilfield services and equipment sector rose by an estimated 2,566 jobs to 640,767 in September after adjustments to August numbers, according to an Energy Workforce & Technology Council analysis of federal data. The advance continued a trend as the industry rebounds from the slowdown imposed in 2020 by the coronavirus pandemic.…
Schlumberger Expanding Louisiana Footprint with Gulf of Mexico Hub
Backed by Louisiana state government incentives, oilfield services (OFS) giant Schlumberger Ltd. has decided to centralize its offshore oil and gas support services in the heart of the state’s Acadiana region. The company is spending $11.5 million to expand its operations in Lafayette, LA, forming a North Gulf Coast (NGC) Hub. Schlumberger’s Lyndal Cissell, North…