National Oilwell Varco Inc. (NOV), one of the biggest equipment manufacturers in the oilfield services industry, saw its share price jump more than 7% in heavy volume Tuesday after the company reported a huge jump in the backlog for rig equipment orders.
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Big Jump in Rig Demand, Says National Oilwell
Because of strong drilling in North America’s onshore basins, oilfield equipment manufacturer National Oilwell Varco Inc. (NOV) said Tuesday its rig equipment backlog at the end of September was worth an estimated $4.87 billion — more than at the end of the second quarter.
Schlumberger CEO: Liquids-Rich Drilling May Peak in 2011
Renewed vigor to tap into North America’s shales helped Schlumberger Ltd. to more than double its quarterly earnings, the oilfield services giant said Friday.
Weatherford Up on North American Rebound
Lifted by a rebound in North American oilfield services, Weatherford International Ltd. on Tuesday said its third quarter earnings were up 87% from the year-ago period.
Service Operators Profit in Shale Plays, GOM a Drag
Strong earnings from U.S. natural gas and oil shale operations in 2Q2010 lifted several of the biggest oilfield service company profits, but rough seas are ahead for U.S. offshore operators because of the Gulf of Mexico (GOM) drilling moratorium, Halliburton CEO Dave Lesar said last week.
U.S. Onshore Lifts Weatherford Profits
The U.S. land market helped Weatherford International Ltd.’s earnings soar in 2Q2010, lifted by increased oilfield services work in unconventional natural gas and oil plays, the company reported Tuesday.
Alberta Reforms May Save Producers Millions
Producers will save up to C$170 million (US$160 million) due to the first step alone in a planned series of reforms to Alberta natural gas and oilfield regulation, the provincial energy department predicts.
Alberta Reforms Could Save Producers Tens of Millions
Producers will save up to C$170 million (US$160 million) due to the first step alone in a planned series of reforms to Alberta natural gas and oilfield regulation, the provincial energy department predicts.
Service Operators Unsure on U.S. Gas
Oilfield services operators last week reported stronger sequential earnings in 1Q2010 from the last three months of 2009 because of a boost in U.S. onshore spending, but with North American natural gas prices failing to show much strength, the outlook for the second half of this year is uncertain, CEOs of Halliburton, Nabors Industries Ltd. and Schlumberger Ltd. said last week.
Schlumberger Sees Uncertain Outlook in North America
A “strong performance” in North America and overseas failed to offset declines in product and software sales for leading oilfield services provider Schlumberger Ltd., which on Friday reported 1Q2010 earnings down 28% from the year-ago period.