Oil Services – Oil & Gas 360

SLB predicts industry resiliency in second half of 2025

July 21, 2025

(World Oil)– SLB, the world’s largest oil-services provider, sees resiliency in the industry and remains constructive about the second half of 2025 despite uncertainties in customer demand. “Despite pockets of activity adjustments in key markets, the industry has shown that it can operate through uncertainty without a significant drop in upstream spending,” SLB Chief Executive Officer Olivier Le Peuch said in a

Baker Hughes lands major contract for ExxonMobil Guyana FPSOs

February 3, 2025

(World Oil) – Baker Hughes has secured a significant award from ExxonMobil Guyana to provide specialty chemicals and related services for its Uaru and Whiptail offshore greenfield developments in Guyana’s prolific Stabroek Block. The announcement was made during Baker Hughes’ 25th Annual Meeting in Florence, Italy. The multi-year contract includes all topsides, subsea, water injection and utility chemicals for the

Oil services provider Flowco seeks up to $2 bln valuation in US IPO

January 7, 2025

BOE Report – Oilfield services provider Flowco Holdings on Tuesday said it is seeking a valuation of up to $2 billion in its initial public offering in the United States, aiming to leverage last year’s capital market rebound. The company said it would sell 17.8 million shares at a price range of $21 to $23 per share, potentially fetching up

Oil services firm Subsea 7 to lay off 3,000 following oil market slump

May 28, 2020

Reuters OSLO – Oil services firm Subsea 7 announced on Thursday that it will cut its global workforce by a quarter and reduce its fleet of specialized vessels by up to a third to preserve cash following the slump in the oil market. The company said it planned to lay off about 3,000 workers, both contractors and permanent employees, by

Halliburton to close office in Oklahoma, lay off 800 employees

December 3, 2019

Houston Chronicle Houston oilfield service company Halliburton plans to close an office just west of Oklahoma City where more than 800 employees are losing their jobs. In a Monday morning letter filed with the Oklahoma Office of Workforce Development, Halliburon Vice President of the MidCon Area Michael Queener wrote that the company expects to close its office in El Reno, Oklahoma.

The Oil and Gas Supercycle

August 19, 2016

How E&Ps and OilService Firms Navigate in Tandem James Constas, Managing Director of EnerCom spoke at The Oil and Gas Conference 21 on Thursday morning. Constas spoke about the cyclical nature of the oil and gas cycle, the dynamics of the current cycle and what might lie ahead. By Constas’ calculations, since 1975, the oil and gas industry has been

Oil Service Companies FMC Technologies and Technip Announce $13 Billion Merger

May 19, 2016

Oil service companies FMC and Technip announced a plan to merge in an all-stock deal worth about $13 billion to create a larger player in the energy services sector. The Houston-based FMC Technologies and the Paris-headquartered Technip will combine to form TechnipFMC. FMC investors will get one share in the company, while those with Technip shares will get two, the

SLB: Is the Familiar Bellwether Loudly Trumpeting the Start of Buying Season?

April 28, 2016

The most common adage heard among the investment community is “buy low, sell high.” But depressed oil prices combined with the rise in bankruptcies led many industry insiders to wait for increased M&A activity. But the onslaught of fire sales and corporate mergers has yet to earnestly materialize. This week, industry bellwether Schlumberger (ticker: SLB) announced its second 2016 acquisition:

Raymond James Believes U.S. Rig Count will Breach 600 by Mid-2016

October 5, 2015

The current running rig count of 809 in the United States is the lowest in five years, but analysts from Raymond James Equity Research believe we haven’t reached the trough yet. Not even close. In a market report issued on October 5, 2015, the firm believes lower-than-expected drilling activity and a delayed rebound in commodity prices will drag the U.S.

Two Oil Service Companies are About to Add Facilities, Equipment and Personnel

September 2, 2015

Shortage of Frac Crews, Equipment Drives Favorable Pricing in Argentina “Eighty percent of the shale in the world has been identified as being outside of North America,” EcoStim Energy Solutions (ticker: ESES) CEO Chris Boswell told Oil & Gas 360® in an exclusive interview at EnerCom’s 20th The Oil & Gas Conference® in Denver, “but eighty percent of the equipment

Core Laboratories Shakes off Difficult Oil & Gas Market in Q2’15 Results

July 23, 2015

Second Half 2015 Projections: Revenue of $408 to $415 Million, Free Cash Flow of $110 Million Core Laboratories (ticker: CLB) reported net income of $34.6 million, or $0.81 per share, on revenues of $204 million in its Q2’15 earnings release issued on July 22, 2015. The net income is 10% greater than Q1’15 and is exceeded by its free cash

Schlumberger Q1’15 Draws Praise from Analysts

April 21, 2015

Positive Reception in a Negative OilService Environment The effects of reduced drilling activity were apparent in Schlumberger’s (ticker: SLB) Q1’15 revenues, but the oilservice giant still managed to report net income (excluding charges and credits) of $1,358 million, or $1.06 per share, in the three months ended March 31, 2015. The net income for Q1’15 represented respective declines of 30%

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