Oilfield

Growing requirements for industrial chemistry to improve natural gas and oil pipeline flows and drilling results lifted second quarter results for CES Energy Solutions Corp., a barometer of activity in Canada and the United States. The Calgary-based company said “the recovery in global energy demand, combined with several years of lower investment in the upstream…

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)…

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…

Oilfield services companies are seeing a steady uptick in upstream activity and revenue across Latin America, both offshore and on land. “Internationally, growth continues to be led by Latin America, West Africa, and the Middle East,” said Baker Hughes Co. CEO Lorenzo Simonelli during the firm’s third-quarter earnings call. “In all of these markets, offshore…

Led by growth in oil-directed drilling in the Permian Basin, the U.S. rig count rose three units to 765 for the week ended Friday, according to updated figures published by Baker Hughes Co. (BKR). A four-rig increase in oil-directed drilling in the United States was partially offset by a one-rig decrease in natural gas-directed activity.…

Baker Hughes Co. (BKR) management on Wednesday offered a bullish assessment of natural gas growth opportunities but conveyed a more measured outlook for the oil market. “Overall, we remain very positive on the outlook for natural gas,” Baker Hughes’ CEO Lorenzo Simonelli told analysts during the oilfield services (OFS) giant’s 2Q2022 earnings call. “We also…

The world’s top oilfield operator, Schlumberger Ltd., is anticipating oil and natural gas demand to push “successive years of market growth,” with the upcycle now in full gear, CEO Olivier Le Peuch said Friday. “As demand continues to strengthen and new investments are committed to diversify energy supply, the duration and scale of this upcycle…

The top global oilfield services companies announced over the weekend that they would suspend their investments in Russia, in another blow to the country’s oil and gas operations. The No. 1 operator, Schlumberger Ltd., was joined by Baker Hughes Co., Halliburton Co. and Weatherford International plc, which separately agreed to cancel new investments. “We have…

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…