Oilfield

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…

The global oil and natural gas upcycle has begun, with more capital spending set to flow into the onshore and offshore heading into 2022, Schlumberger Ltd. CEO Olivier Le Peuch said Friday. The head of the world’s largest oilfield services (OFS) company shared a bullish view of the energy markets during a third-quarter conference call…

Solid growth continued across some of the biggest oil and natural gas production regions in the country during the third quarter, but supply costs are rising and executives are a bit more wary than earlier this year, the Federal Reserve Bank of Dallas said Wednesday. The Dallas Fed, as it is known, collected data across…

Customers are craving the conventional and alternative energy technologies proffered by Houston’s NOV Inc., with the backlog sharply higher in the second quarter. However, CEO Clay Williams told investors Wednesday that “continuing supply chain challenges” and rising costs are a concern. Williams discussed the latest results and what he sees ahead during a wide ranging…