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
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
