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
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
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
