Better times for oilfield services
Revenues at the sector's big firms are picking up, but the global outlook remains uncertain.
Recent results from the three leading oilfield services companies provided few surprises, but reflected a steady revival in the sector over the last year, underpinned by rapid growth in the buoyant US shale sector. The sector's largest firm, Schlumberger, reported a 14% year-on-year rise in overall first quarter revenues to $7.83bn, and a 52% rise in North American revenues. Halliburton's overall revenues rose 34% to $5.74bn, largely due to a strong performance in the North American market, where revenues rose 58%. By contrast, international revenues rose 9%. Revenues at GE's BHGE -comprising the operations of Baker Hughes and GE Oil and Gas that merged last year-rose 1% year-on-year to $5.
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
