Drilling technology expert National Oilwell Varco Inc. (NOV) reported light bookings for equipment in the third quarter, but there are signs that North American activity is going to improve at a modest pace, CEO Clay Williams said Tuesday. Williams and the management team for the Houston-based oilfield services giant discussed third quarter results and offered…
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Precision Drilling Sees U.S. Rig Demand Improving, Canada Accelerating Natural Gas Activity
Calgary-based Precision Drilling Corp., one of the largest drilling contractors in North America, is seeing U.S. demand improve, with Canada activity accelerating in natural gas and liquids-rich plays. During a conference call to discuss third quarter results, CEO Kevin Neveu said the Lower 48 rig count already has improved off the “third quarter lows back…
Patterson-UTI Sees U.S. Fracturing Improving into New Year on Stable Oil, Gas Prices
The Lower 48 oil and natural gas rig count remains sharply lower than a year ago, but fracturing activity is rising, a revival that should extend into 2021, all things (prices) being equal, Patterson-UTI Energy Inc. CEO Andy Hendricks said Thursday. Drilling and completion activity for the Houston giant “stabilized” in the third quarter as…
Caterpillar Transforming Pressure Pumping Business with Takeover of Weir Oil, Gas Division
Caterpillar Inc., one of the world’s largest construction and mining operators, has agreed to pay $405 million to buy the Texas-based oil and gas division of Weir Group plc. Cat, as it is known, manufactures equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The takeover of Fort Worth-based Weir Oil &…
FTS Joins Expanding List of Oil, Gas Operators Seeking Chapter 11
Top Lower 48 completions expert FTS International Inc. has launched a prepackaged restructuring plan with the support of most of its lenders in a debt-for-equity swap to delever the balance sheet. Following a restructuring support agreement filed in August, FTS issued an amended plan that received support of nearly 88% of the debtholders. With the…
Weatherford’s Incoming CEO Aiming to Create ‘Next Phase of Growth’
Beleaguered Weatherford International plc, beset for years by internal issues and mounting debt, next month is bringing aboard its third CEO in as many years to attempt to instill a “fresh perspective.” Incoming CEO Girish K. Saligram, who also has been named president, would take over in mid-October. He previously was COO at Exterran Corp.…
Schlumberger Joins IBM, Red Hat to Advance Digital Platform for E&Ps, Suppliers
Schlumberger Ltd. is collaborating with two technology wizards to push digital transformation across the natural gas and oil industry. The joint initiative with IBM and Red Hat would provide global access to Schlumberger’s exploration and production (E&P) cloud-based environment and cognitive applications. The world’s No. 1 oilfield services (OFS) provider offers technology for reservoir characterization,…
Massive Job Losses in U.S. OFS Sector Traced to Activity Pullback from Covid-19
The U.S. oilfield services (OFS) industry through August had lost more than 100,000 jobs since the coronavirus pandemic began eating away at oil and gas demand, according to the Petroleum Equipment & Services Association (PESA). And the future remains a bit wobbly, according to PESA, which represents OFS operators involved in oilfield equipment manufacturing, drilling,…
Covenant, Stuart Combine Lower 48 Well Flowback, Pressure Control Businesses
Houston-based Covenant Testing Technologies LLC said Tuesday it is combining with Stuart Pressure Control to provide well flow and pressure control for operators across the Lower 48. The tie-up is designed to expand services for exploration and production companies in the Permian and Denver-Julesburg basins, as well as the Eagle Ford and Haynesville shales. “In…
OFS Job Market Outlook Appears Grim, Particularly for North American Onshore Opportunities
Turmoil wrought by the global pandemic has upended activity across the energy sector and led to massive layoffs, with staffing forecast to plummet by year’s end to its lowest level in more than a decade. An analysis of the top 50 oilfield services (OFS) operators by Rystad Energy found staffing would decline and anticipated revenue…