Oilfield services sector stops the rot
The economic downturn may have stabilised in the US, but full recovery looks a distant prospect
Oil prices are tentatively rallying and a chunk of curtailed US production has returned to the market, marking something of a recovery after a traumatic first half of the year for the US shale patch. For the domestic oilfield services and equipment (OFSE) sector, an improved economic backdrop is a considerable relief after six months of slashed capex and little drilling activity. Financial damage in the OFSE sector significantly slowed across the third quarter. The leading trio of Schlumberger, Halliburton and Baker Hughes posted a combined $269mn net loss across the quarter, against $23.9bn during the first six months. Those with the highest exposure to US shale have been hit hardest throu
Also in this section
27 February 2026
LNG would serve as a backup supply source as domestic gas declines and the country’s energy system comes under stress during periods of low hydropower output and high energy demand
27 February 2026
The assumption that oil markets will re-route and work around sanctions is being tested, and it is the physical infrastructure that is acting as the constraint
27 February 2026
The 25th WPC Energy Congress to take place in tandem as part of a coordinated week of high-level ministerial, institutional and industry engagements
27 February 2026
The deepwater sector must be brave by fast-tracking projects and making progress to seize huge offshore opportunities and not become bogged down by capacity constraints and consolidation
