North American completions expert Calfrac Well Services Ltd. leveraged its diverse geographical footprint during the second quarter to overcome lost operating days wrought by Canada’s wildfires and manage the “uncontrollable events.” The move was prescient, allowing the Calgary-based pressure pumper to avoid pitfalls from the numerous wildfires that continue to sweep Canada. Operations are centered…
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Some Permian E&Ps Reporting Softer OFS, Materials Costs
Some Permian Basin-focused exploration and production (E&P) executive teams – Callon Petroleum Co., HighPeak Energy Inc. and Permian Resources Corp. to name a few – are reporting that oilfield services (OFS) and material prices softened during the second quarter. Houston-based Callon Petroleum Co. CEO Joe Gatto said OFS equipment prices dropped slightly. Gatto hosted a…
Signs of Optimism for U.S. Drilling as Uncertainty Recedes and E&Ps Eye Future LNG Exports
The uncertain direction of natural gas and oil prices during the second quarter led to an “underlying sense of apprehension” by oilfield services (OFS) companies, but there are signs that business will get better before the end of the year and improve through 2024 as customers prepare for more U.S. LNG exports. Several of the…
U.S. Natural Gas Land Retreat ‘Approaching Trough,’ Says NexTier CEO
Houston-based NexTier Oilfield Solutions Inc. has maintained “relatively consistent activity” even as the U.S. rig count declined, with the oilfield services outlook more positive into 2024 as global demand rises, CEO Robert Drummond said Wednesday. With the slump in commodity prices this year, the U.S. land industry has slowed its roll. As of last Friday…
Oilfield Services Firms Growing Revenues in Latin America as International Offshore Expands
The main three oilfield services firms see international exploration and production (E&P) companies increasing activity, in particular in the offshore, and despite a slowdown in North America. They all reported growth in their Latin American businesses. SLB Ltd. CEO Olivier Le Peuch said international offshore would drive the upstream industry through this decade. “Second quarter…
North American Natural Gas, Oil Prices ‘Firming Up’ and E&Ps Eyeing Long Term, Says Halliburton CEO
Worldwide demand for natural gas and oil remains solid, demonstrating the “critical” role that fossil fuels continue to play in the economy, according to Halliburton Co. CEO Jeff Miller. However, to sustain the long-term energy demand, it’s going to take “sustained capital investment,” he told investors on Wednesday during the second quarter 2023 conference call.…
With NexTier, Patterson-UTI to Become North American OFS, Fracturing Giant
In an all-stock transaction with an enterprise value of $5.4 billion, Patterson-UTI Corp. said Thursday it is merging operations with NexTier Oilfield Solutions to become the second largest oilfield services (OFS) company in North America. The combined company, which would remain headquartered in Houston, would have 172 super-spec drilling rigs and 45 active fracture spreads.…
Latin America Driving Global Natural Gas, Oil Activity Growth, Say OFS Firms
Oilfield services (OFS) companies continue to report steady growth in revenue and upstream activity throughout Latin America, with onshore and offshore operations each playing a role. Halliburton Co. reported a 40% year/year increase in Latin America revenue to $915 million during the first quarter. The growth was “due primarily to increased well construction services and…
SLB Forecasting Flatter U.S. Activity on Lower Natural Gas Prices, with Higher Growth Overseas and Offshore
Languishing U.S. natural gas prices have led SLB Ltd. to revise the North American outlook for 2023, CEO Olivier Le Peuch said Friday. The No. 1 oilfield services company is “primed” for growth and margin expansion this year, but the gains are likely to be led by a “very solid international outlook,” Le Peuch said…
Low Natural Gas Prices, Elevated D&C Costs Forecast to Cool Lower 48 Activity
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)…