Houston-based Patterson-UTI Energy Inc. expects to record net income of $100 million-plus for 4Q2022, a sharp turnaround from year-ago losses as Lower 48 drilling expands. The oilfield services company, which previewed earnings on Wednesday, had reported net losses for the fourth quarter of 2021. “In contract drilling, average rig revenue per day benefited primarily from…
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ProPetro Expanding E-Fleet Fracturing Completions in Permian as Diesel Use Declines
Midland, TX-based completions expert ProPetro Holding Corp. is expanding electric-powered hydraulic fracturing fleets, aka e-fleets, after securing a three-year contract with a Permian Basin operator. The contracted equipment provided to the undisclosed operator would be deployed primarily to support simulated fracture operations. Initially, the operator would use ProPetro’s Tier IV dynamic natural gas blending dual-fuel…
Schlumberger’s Global Natural Gas, Oil Business Jumps, Complementing ‘Robust’ North American Activity
Natural gas and oil industry bellwether Schlumberger Ltd. has boosted capital spending for 2022 after posting better-than-expected results in the third quarter. The world’s largest oilfield services company issued its quarterly report on Friday, posting the highest profits in seven years as North America and international drilling climbed from ayear ago. CEO Olivier Le Peuch…
Helmerich & Payne Looks to Reactivate More North American Drilling Rigs in 2023
Tulsa-based drilling technology expert Helmerich & Payne Inc. (H&P) is facing some inflationary pressures, but it still plans to reactivate up to 16 rigs by the end of March, CEO John Lindsay said. In a preview of fiscal 4Q2022 and full-year results, which are scheduled for Nov. 17, Lindsay offered a positive outlook for more…
Liberty Energy CEO Calls Energy Transition A Myth. Listen Now to NGI’s Hub & Flow
Click here to listen to the latest episode of NGI’s Hub & Flow, in which NGI Senior Markets Editor Kevin Dobbs interviews Liberty Energy CEO Chris Wright. Wright is bullish on natural gas demand for years to come – and says fossil fuels will be needed for many decades, likely much longer. Against that backdrop,…
Texas Upstream Natural Gas, Oil Industry Direct Jobs Top 200K
The direct upstream job count in the Lone Star State surpassed the 200,000 mark in August for the first time since the pandemic-related freefall in employment in 2020, the Texas Independent Producers and Royalty Owners Association (TIPRO) reported last week. Based on the trade group’s analysis of U.S. Bureau of Labor Statistics (BLS) data, Texas…
North Dakota Markets Record Natural Gas Volumes, Reports Three-Year Permitting High
North Dakota posted a 1.5% month/month increase in natural gas production and a record high volume of gas captured in July, despite a 2.5% decline in oil output. Natural gas production averaged 3.1 Bcf/d, of which 3 Bcf/d or 94% was captured and sent to market while the remaining 6% was flared off, according to…
Schlumberger, Aker and Subsea 7 Combining Global Offshore Oil, Natural Gas Expertise
The world’s largest oilfield services company, Schlumberger Ltd., is merging its subsea oil and natural gas construction business with Aker Solutions ASA and bringing aboard rival Subsea 7 ASA to improve offshore efficiencies and reduce carbon emissions for offshore customers. The joint venture portfolio would be technology-driven, combining subsea gas compression, all-electric production systems and…
Calgary’s Calfrac, CWC Bullish on Upstream Oil, Gas Activity
On the news of a strong second quarter, the management teams of Calgary’s Calfrac Well Services Ltd. and CWC Energy Services Corp. separately voiced optimism for the oilfield services (OFS) sector’s ongoing recovery from the Covid-19 field activity slump. Calfrac’s management predicted “strong utilization” of its Canadian and U.S. crews and equipment. CWC’s management told…
Helmerich & Payne Benefits from Higher Oil and Natural Gas Prices, Rig Rates
Tulsa-based drilling expert Helmerich & Payne (H&P) is getting more bang for its buck, as North American pricing improves for the super-spec FlexRig fleet. CEO John Lindsay and CFO Mark Smith led a recent conference call to discuss fiscal 3Q2022 results with analysts. In the North American Solutions segment, efforts earlier this year to “achieve…