Oilfield Services

Digital Expansion Accelerates at Halliburton, Aided by Accenture

Digital Expansion Accelerates at Halliburton, Aided by Accenture

Halliburton Co., the largest Lower 48 completions expert, is accelerating its digital supply chain and extending it into manufacturing in another collaboration with consultancy Accenture. The Houston-based oilfield services (OFS) giant has been working to advance digital deployment and integrate its systems across the value chain to enhance customer service. Plans now are to launch…

December 3, 2020
U.S. OFS Sector Records Two Consecutive Months of Job Gains, but Future Still Uncertain

U.S. OFS Sector Records Two Consecutive Months of Job Gains, but Future Still Uncertain

Employment in the U.S. oilfield services (OFS) and equipment sector rose in October for the second consecutive month, after sustaining massive losses of more than 90,000 jobs earlier this year because of Covid-19, the Petroleum Equipment & Services Association (PESA) said Monday. Despite the recent uptick in jobs, the Houston-based trade association cautioned that the…

November 9, 2020
Oil, Gas Well Intervention Costs in Mexico Seen Surpassing $3 Billion in Years Ahead

Oil, Gas Well Intervention Costs in Mexico Seen Surpassing $3 Billion in Years Ahead

Mexico could prove to be busy for the services sector in the years ahead as its producing wells age and the cost to keep them going mounts. According to new analysis from Rystad Energy, around 75% of Mexico’s oil and gas producing wells are mature, and the cost to keep them pumping could exceed $3…

November 5, 2020
Weatherford Forecasting Slow Recovery in North America, but DUCs Lining Up

Weatherford Forecasting Slow Recovery in North America, but DUCs Lining Up

Houston-based Weatherford International plc has emerged from Chapter 11 with yet another CEO at the helm, who has charged the executive team to be “relentlessly focusing” on extending its global options and improving liquidity.  Girish Saligram, who took the helm less than a month ago, is the third CEO in three years for the battered…

November 5, 2020
Liberty Oilfield Finds Opportunities with Haynesville Entry, OneStim Takeover

Liberty Oilfield Finds Opportunities with Haynesville Entry, OneStim Takeover

Denver-based Liberty Oilfield Services Inc. proved the contrarian during the third quarter, and it appeared to pay off, as it acquired a top-tier pressure pumping business, gained entry into the gassy Haynesville Shale, and un-furloughed all of the employees who were sent home last spring in anticipation of brighter days ahead. Revenue jumped 67% from…

October 29, 2020
E&P Mergers Creating Potential Headwind for OFS Sector, Says RPC Chief

E&P Mergers Creating Potential Headwind for OFS Sector, Says RPC Chief

U.S. oilfield activity has begun to tick higher from the historic lows last spring, but even stronger oil and natural gas prices are not enough to generate sustainable returns, RPC Inc. CEO Richard A. Hubbell said Wednesday. During the third quarter conference call, Hubbell said conditions have improved since bottoming in 2Q2020, but they are…

October 29, 2020
North American Oil, Gas Drilling Up ‘Modestly,’ Still Challenging, Says NOV CEO

North American Oil, Gas Drilling Up ‘Modestly,’ Still Challenging, Says NOV CEO

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…

October 27, 2020
Precision Drilling Sees U.S. Rig Demand Improving, Canada Accelerating Natural Gas Activity

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…

October 23, 2020
Patterson-UTI Sees U.S. Fracturing Improving into New Year on Stable Oil, Gas Prices

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…

October 22, 2020
Caterpillar Transforming Pressure Pumping Business with Takeover of Weir Oil, Gas Division

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 &…

October 5, 2020