Oilfield Services

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…

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…

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)…

Upstream oil and natural gas employment in Texas rose by 13.7% year/year in January to a total of 198,100 jobs, according to the Texas Independent Producers and Royalty Owners Association (TIPRO). The figure was up by 1,700 jobs versus December 2022, the group said, citing data from the U.S. Bureau of Labor Statistics (BLS). The…

Lower 48 natural gas-directed rigs are likely to retreat because of weak prices, Patterson-UTI Inc. CEO Andy Hendricks said Thursday. Hendricks held a conference call to share quarterly results and discuss the outlook for contract drilling services, the company’s forté. At the end of January, the company had 130 rigs on average working in the…

North America natural gas and oil customers are likely to increase their overall capital spending by at least 15% year/year, with well completions equipment already fully contracted, Halliburton Co. CEO Jeff Miller said Tuesday. Well completions fetched higher prices, while exploration and production (E&P) customers clamored for more products, signaling a solid business environment ahead…

Baker Hughes Co. generated record orders in the fourth quarter, driven by “multiple awards” for  LNG and offshore production equipment, CEO Lorenzo Simonelli said Monday. In a conference call to discuss quarterly and full-year earnings, the CEO noted that operationally, the Houston-based oilfield services (OFS) giant “continues to navigate challenges” in “different parts of the…

Oil and natural gas operators are ramping up activity in Latin America, according to the three biggest names in oilfield services.  The management teams of SLB Ltd., Baker Hughes Co. and Halliburton Co. each reported upticks in revenue and activity in the region for the fourth quarter of 2022 and the year as a whole.…

An uptick in global offshore development, combined with expansion of natural gas opportunities overseas, bode well for SLB Ltd. to improve activity in 2023, CEO Olivier Le Peuch said Friday.  All signs point in a positive direction, Le Peuch said, after the world’s No. 1 oilfield services (OFS) operator closed out a “remarkable year.” He…