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
14 March 2025
Gas production slumped to an eight-year low in 2024, but new discoveries and partnership with Cyprus paint a more positive outlook
13 March 2025
Gas will become a more important part of the energy mix longer-term, raising the alarm for much-need investment as supply struggles to keep up with demand
13 March 2025
The spectre of Saudi Arabia’s 2020 market share strategy haunts a suffering OPEC+ as Trump upends the energy world
12 March 2025
Petronas-Eni eyes joint venture to prioritise key gas developments, with huge opportunities for growth in Indonesia and a steady Malaysia portfolio
