Oilfield Services

H&P’s North American Rig Count Doubles in December from August Lows

H&P’s North American Rig Count Doubles in December from August Lows

Tulsa-based global drilling giant Helmerich & Payne Inc. (H&P) said its North American rig count climbed by one-third sequentially and at the end of December was twice the lows experienced last August. The oilfield services (OFS) driller, whose portfolio is defined by drilling innovations, ended December with 94 rigs in operation across North America. That…

February 11, 2021
U.S. Oilfield Workforce Climbs in January for Fifth Consecutive Month

U.S. Oilfield Workforce Climbs in January for Fifth Consecutive Month

Employment in the U.S. oilfield services (OFS) and equipment sector climbed for the fifth consecutive month in January, according to preliminary data from the Bureau of Labor Statistics (BLS) and analysis by the Energy Workforce and Technology Council. “After shedding nearly 102,000 jobs from March to August due to pandemic-related demand destruction, the upstream oil…

February 9, 2021
Superior Energy Ready to Emerge Debt Free Following Restructuring

Superior Energy Ready to Emerge Debt Free Following Restructuring

Houston-based drilling expert Superior Energy Services is to emerge debt-free from bankruptcy after its plan of reorganization received court approval. The U.S. Bankruptcy Court for the Southern District of Texas confirmed the reorganization plan, which allows Superior to convert into equity an estimated $1.3 billion in debt. “This confirmation order marks a key milestone in…

January 22, 2021
Schlumberger Sees ‘Clear Path’ to Double-Digit Margin Growth in North America as Oil, Gas Activity Accelerates

Schlumberger Sees ‘Clear Path’ to Double-Digit Margin Growth in North America as Oil, Gas Activity Accelerates

Schlumberger Ltd., the world’s largest oilfield services company, posted solid double-digit revenue growth and sequential margin expansion in North America, both onshore and offshore, in the final three months of 2020. During a conference call on Friday morning in Houston, CEO Olivier Le Peuch said the overall market position improved in 2020, despite the pressure…

January 22, 2021
Baker Hughes Foresees Ramp in LNG FIDs, Opportunities in CCUS, Hydrogen

Baker Hughes Foresees Ramp in LNG FIDs, Opportunities in CCUS, Hydrogen

Global natural gas demand is rising, setting the stage for up to four export projects to be sanctioned this year, the Baker Hughes Co. CEO said Thursday. Only one liquefied natural gas (LNG) project was sanctioned during pandemic-plagued 2020, but there are signals from customers for positive final investment decisions (FID) this year, CEO Lorenzo…

January 22, 2021
NOV Sees North American Oil, Gas Activity Rising, but Overseas Demand Soft

NOV Sees North American Oil, Gas Activity Rising, but Overseas Demand Soft

Oilfield equipment expert NOV Inc. warned Tuesday that fourth quarter earnings would be below guidance as stronger North American activity levels were not enough to overcome a softer international market. On a consolidated basis, NOV expects to report quarterly revenue of $1.33 billion and an operating loss of $327 million.  “While rising North American activity…

January 21, 2021
Liberty Adds Heft in North American Land with Schlumberger’s OneStim

Liberty Adds Heft in North American Land with Schlumberger’s OneStim

Denver-based Liberty Oilfield Services Inc. has completed its takeover of Schlumberger Ltd.’s OneStim, the massive U.S. and Canada onshore hydraulic fracturing business, in exchange for 37% equity. The transaction, completed on the final day of 2020, moved Liberty into the top tier of onshore completions experts. OneStim provides expanded opportunities in pressure pumping, pump down…

January 5, 2021
November Showed More Job Gains for U.S. OFS Sector, but Uncertainty Still Prevails

November Showed More Job Gains for U.S. OFS Sector, but Uncertainty Still Prevails

Oilfield equipment and services jobs in the United States climbed slightly in November for the third month in a row, but it’s still a tough slog with pandemic-related job losses down by nearly 92,000, according to a new analysis. The Petroleum Equipment & Services Association (PESA) said the domestic oilfield services (OFS) and equipment sectors…

December 10, 2020
Superior Energy’s Bankruptcy Package to Eliminate Debt, Improve Operational Flexibility

Superior Energy’s Bankruptcy Package to Eliminate Debt, Improve Operational Flexibility

Houston-based oilfield services (OFS) giant Superior Energy Services Co. has begun voluntary Chapter 11 proceedings before the U.S. Bankruptcy Court for the Southern District of Texas to implement a proposed pre-packaged restructure plan. The company announced its intention to file for bankruptcy in September. “Since the initial announcement of our planned recapitalization initiative in September,…

December 7, 2020
E&Ps Forecast to Cut OFS Spend as Shale Investments Slow, Energy Transition Accelerates

E&Ps Forecast to Cut OFS Spend as Shale Investments Slow, Energy Transition Accelerates

The oilfield services (OFS) market could lose as much as $340 billion total for the value of purchases over the next eight years, particularly in unconventional plays, as oil and gas investments decline and consumption slows, according to Rystad Energy. Researchers now expect peak oil demand to “arrive earlier and at a lower level than…

December 4, 2020