Ofse firms diversify away from North America
Nosediving revenues are forcing companies to shift capital to international assets
Oilfield services and equipment (Ofse) companies exposed to US shale suffered heavy bruising last year as drilling activity all but evaporated and Lower 48 production went into freefall. Combined, the sector’s three giants—Schlumberger, Halliburton and Baker Hughes—posted a huge $23.3bn loss, offset only by stronger international performance. And against limited domestic US drilling and widespread capital discipline across the shale sector in 2021, firms with a diverse international asset base are best placed to recover post-pandemic. “We expect those companies with large, diversified revenue streams with a mix tilted towards the international markets to recover better,” says James West, fun
Also in this section
19 August 2025
ExxonMobil’s MOU with SOCAR, unveiled in Washington alongside the peace agreement with Armenia, highlights how the Karabakh net-zero zone is part of a wider strategic realignment
19 August 2025
OPEC and the IEA have very different views on where the oil market is headed, leaving analysts wondering which way to jump
15 August 2025
US secondary sanctions are forcing a rapid reassessment of crude buying patterns in Asia, and the implications could reshape pricing, freight and supply balances worldwide. With India holding the key to two-thirds of Russian seaborne exports, the stakes could not be higher
11 August 2025
The administration is pushing for deregulation and streamlined permitting for natural gas, while tightening requirements and stripping away subsidies from renewables
