Oilfield Services

Bankruptcy filings by North American exploration and production (E&P) firms declined dramatically in 2021 versus 2020, so much so that Haynes and Boone LLP is calling an end to the bankruptcy cycle that began during the 2015 oil market downturn. The law firm has been tracking these filings ever since, via its Oil Patch Bankruptcy…

ConocoPhillips plans to keep the number of rigs steady on Permian Basin acreage recently acquired from Shell plc. “We plan to continue running four rigs on that property, the same activity rate that Shell was running, through the remainder of this year,” Executive Vice President Tim Leach who oversees Lower 48 operations told analysts during…

Drilling expert Helmerich & Payne Inc. (H&P) expects to fetch higher prices for its services in the months ahead, as exploration and production customers call for more equipment bundled with high-tech solutions, CEO John Lindsay said. Lindsay helmed the recent conference call to discuss results in the final three months of 2021, which was H&P’s…

Oilfield services (OFS) and equipment provider RPC Inc. said it might activate another hydraulic fracturing fleet but added that likely would not occur during the first six months of this year. CEO Richard A. Hubbell said that he sees “many indications of continued growing activity levels and improved pricing” in the new year. Last spring,…

North American exploration and production (E&P) companies are set to increase their capital spending by 25% or more from 2021 as they ramp up activity to keep pace with rising global oil and gas demand, Halliburton Co. CEO Jeff Miller said Monday. The management team shared a microphone to discuss the macro environment, and discuss…

Continued efficiency improvements are expected to be critical for natural gas and oil producers in the Permian Basin this year as cost inflation for oilfield services (OFS) takes full effect.

A steady recovery in global energy demand, combined with tighter natural gas and oil supplies,  are creating favorable conditions for activity in the year ahead, Schlumberger Ltd. CEO Olivier Le Peuch said Friday. The largest oilfield services (OFS) company in the world unveiled its strong fourth quarter results, with Le Peuch detailing the outlook and…

The U.S. oilfield services (OFS) and equipment sector added an estimated 7,450 jobs in December, according to the Houston-based Energy Workforce & Technology Council. “As oil demand has pushed higher, it’s heartening to see continued job growth in the sector,” said Council CEO, Leslie Buyer. “The sector has recovered more than half of the jobs…

Regiment LLC, whose oilfield services are focused in the Permian Basin and Eagle Ford Shale, said it has expanded its completions fleet with two recent acquisitions. The privately held operator disclosed few financial details. In late September, it said it acquired a fleet of pumps and high specification fracture stack equipment from a private pressure…