The commodity price rise is driving a big swing in oilfield services profit
Bullish outlook for US oilfield services
Quarterly financial results have rebounded and prospects look even better heading into next year
The oilfield services sector is riding the coattails of global economic recovery and is poised for a bigger payout in 2022. Booming commodity prices are motivating operators to lift production, while the widening supply gap is further encouraging eager drillers. US oilfield services giants Halliburton, Schlumberger and Baker Hughes all posted significant profit swings in Q3 as activity rebounded. Listed domestic shale players may still be guiding conservative production growth and restrained capex, but private US operators and the international segment are rapidly moving through the gears to deliver more supply to the market and exploit climbing energy prices. “Private companies now operate
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Without US backing, the EU’s newest sanctions package against Russia—though not painless—is unlikely to have a significant impact on the country’s oil and gas revenues or its broader economy
