• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 11 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 10 hours How Far Have We Really Gotten With Alternative Energy
  • 1 day "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 2 days Bankruptcy in the Industry
  • 2 days The United States produced more crude oil than any nation, at any time.
North Sea Oil and Gas Firms Continue Drilling Despite Climate Goals

North Sea Oil and Gas Firms Continue Drilling Despite Climate Goals

Major North Sea oil-producing countries…

Oil Moves Down on Crude Inventory Build

Oil Moves Down on Crude Inventory Build

Crude oil prices moved lower…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Top Oilfield Service Providers See Multi-Year Recovery Ahead

Drilling

The three largest oilfield services providers in the world expect the vaccine-driven recovery in global oil demand to continue through the coming quarters and lead to the next upcycle in demand for oil drilling and completions.

Halliburton Company (NYSE: HAL), which generates the largest share of its revenues from North America, was the first to report last week its Q2 financials and give an estimate about the industry going forward.

Improved North American and international markets for drilling, completion, and production helped Halliburton book a higher net profit for the second quarter than analysts had estimated. Halliburton also reported rising revenues both in North America and internationally and higher operating income quarter over quarter as the markets continued to improve, said the company.

“The positive activity momentum we see in North America and international markets today, combined with our expectations for future customer demand, gives us conviction for an unfolding multi-year upcycle,” said Jeff Miller, Halliburton’s chairman, president, and CEO.

Baker Hughes, whose Q2 loss was smaller than the losses booked for Q2 2020 and Q1 2021, reported stronger revenues and orders and continues to see improving demand.

“As we look ahead to the second half of 2021, we see continued signs of global economic recovery that should drive further demand growth for oil and natural gas. Although we recognize the risks presented by the variant strains of the COVID-19 virus, we expect spending and activity levels to gain momentum through the year as the macro environment improves, likely setting up the industry for stronger growth in 2022,” Baker Hughes chairman and CEO Lorenzo Simonelli said.

Schlumberger turned to a net profit of $431 million for Q2, compared to a loss of $3.4 billion for the same period of 2020.

“In North America, revenue grew 11% sequentially, representing the highest sequential quarterly growth rate for this area since the third quarter of 2017,” Schlumberger CEO Olivier Le Peuch said, commenting on the Q2 2021 performance.

“With oil price at elevated levels, the supply response to this demand recovery is developing broadly as anticipated. Indeed, this combination has resulted in a call on short-cycle production as well as an uptick in long-cycle project, reflected in new FIDs and encouraging recovery in both offshore developments and near-field exploration activity through the second quarter,” Le Peuch said on the earnings call on Friday.

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Andgertyn Setagurner on July 26 2021 said:
    It’s nothing to do with covid jabs. There a growing demand for oil, and it will be that way for the foreseeable future. Oil is here to stay and the industry will see the biggest boom ever.

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News