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…
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Dallas Fed Survey Shows E&P, OFS Execs More Cautious, See Natural Gas, Oil Prices Slipping
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…
NOV’s Oilfield Technologies in Demand, but Labor Shortages and Inflationary Risks Lurk
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…
Lower 48 E&Ps in Turf War as Efficiencies, Low Costs Rule
The battle to become a top oil and natural gas producer is no longer being waged by Jett Rink-like roustabouts toiling in the sun off of caliche roads in West Texas, but rather by algorithm experts sitting in darkened, air-conditioned offices in Houston. Exploration and production (E&P) companies looking for the edge to elevate their…
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Weatherford Exits Bankruptcy ‘More Focused,’ Says McCollum
Oilfield services giant Weatherford International plc has emerged from voluntary bankruptcy in stronger financial shape after eliminating $6.2 billion of outstanding funded debt.
OFS Consolidation Said Increasing Market Share, Pricing Power
Prices for oilfield products and services have begun to increase following a multi-year slump, said to be lifted in part on more market power as consolidation in the industry continues.
NOV Expects to Miss 1Q Revenue Expectations, Cites Late ’18 Oil Price Collapse
Citing impacts from low oil prices in late 2018, National Oilwell Varco Inc. (NOV), one of the largest oilfield services operators in the U.S. onshore, said it expects 1Q2019 revenues to come in lower than expected.
Operator Permitted for Second Permian Oilfield Waste Landfill
Regulators in Texas have given Milestone Environmental Services a permit to build its second oilfield waste landfill in the Permian Basin.
North America Drilling-Related Activity Stable, Says BHGE CEO
The journey by Baker Hughes, a GE Company, has been a bumpy one since it began operating two yearsago, but improvements are coming with a continued focus on innovation and technology for its global customers, CEO Lorenzo Simonelli said Tuesday.
Potential Permian Constraints Pose Risks for RPC, Says CEO
Oilfield equipment specialist RPC Inc., whose activity is centered in the United States, reported a 17%-plus jump in revenue from a year ago on higher activity levels and a larger fleet of equipment, the Atlanta-based operator said Wednesday.