ofs

Employment continued to shrink during June in Canadian oil and natural gas fields, with service and supply contractors suffering the deepest losses, according to the industry’s workforce monitoring agency. Cuts of 5,600 field personnel accounted for 84% of 6,700 layoffs recorded last month by Calgary-based Petroleum Labor Market Information (PetroLMI) from Statistics Canada surveys. The…

Oil and natural gas activity has declined further in the second quarter across Louisiana, New Mexico and Texas, according to a survey by the Federal Reserve Bank of Dallas. The Dallas Fed, as it is known, every quarter surveys energy executives across the Eleventh District, which encompasses northern Louisiana, most of New Mexico and Texas,…

The oilfield services (OFS) sector was under pressure before the oil price war was launched and Covid-19 became a pandemic, but the future of many companies appears to hang on a thin thread, battered by the outbreak and plunging oil market. One analyst predicted up to one million jobs could be lost, mostly in the onshore sector.

The oilfield services (OFS) sector, slowly returning to normal following the downturn four years ago, now faces more uncertainty, as oil prices continue to decline and Lower 48 producers trim spending plans for 2019.

Seasonal improvements in Canada and stronger activity overseas could not offset a drop-off in U.S. activity during the third quarter, but a transformation is taking effect as Weatherford International plc uses muscles it’s never used before, the CEO said Monday.

U.S. onshore well completions expert Keane Group Inc. joined Halliburton Co. this week in reducing third quarter forecasts on less demand than anticipated, with customer drilling efficiencies beginning to level off.

Less than a year after General Electric Co. (GE) combined its oilfield business with Baker Hughes Inc., which created the second largest oilfield services (OFS) company by revenue, the venture appears to be paying dividends, while the backlog grows and costs decline.

San Antonio, TX-based Lewis Energy Group has inked an oilfield services (OFS) contract to evaluate and develop an unconventional natural gas project owned by Petroleos Mexicanos (Pemex) in northeast Mexico.

North America’s onshore rig count remains strong, with an estimated 100 more rigs likely to be raised through year’s end, Evercore ISI said Monday.