Houston-based NexTier Oilfield Solutions Inc. has maintained “relatively consistent activity” even as the U.S. rig count declined, with the oilfield services outlook more positive into 2024 as global demand rises, CEO Robert Drummond said Wednesday.

With the slump in commodity prices this year, the U.S. land industry has slowed its roll. As of last Friday (July 21), the U.S. onshore rig count had fallen by 12% year/year, according to Baker Hughes Co. Still, it’s all in the timing, Drummond explained during the second quarter earnings call.

“We believe the current market slowdown is transitory,” Drummond said. “By early 2024, we think demand for our services will need to increase, as higher drilling and completion activity will be needed for U.S. land production to...