North American exploration customers have pulled back on activity, but that may change later this year as line-of-sight focuses on ramping up more U.S. LNG capacity in 2025, according to Houston-based NOV Inc.

The oilfield services giant, which provides equipment and services for exploration and production (E&P) companies worldwide, secured higher-than-expected sales in the final three months of 2023. However, revenue still was short of the forecast “due in part to continuing activity declines in North America,” CEO Clay Williams said. 

“Revenues for North America land declined 5% sequentially, hitting our Wellbore Technology Services businesses disproportionately hard.” Williams discussed the final quarter of 2023 during a recent conference call. 

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