Ofse companies showed signs of recovery in Q1
Ofse results emphasise US shale recovery
North American quarterly performance reflects returning production and gives reason for optimism
The big three oilfield services (Ofse) companies—Halliburton, Baker Hughes and Schlumberger—have posted their strongest North American revenues since the pandemic first hit the shale patch. And executives are confident that drilling activity will accelerate, with WTI stabilising above $60/bl and vaccine take-up gathering speed. Halliburton led the revival with a 13.4pc uptick in North American revenues in Q1 compared with the previous quarter. The company posted $3.45bn in overall revenue—a 31.5pc drop year on year but a 6.6pc increase over Q4. c.22pc – US rig count rise 2021 “North America is staging a healthy recovery,” says Jeff Miller, Halliburton CEO. “In the current oil price e
Also in this section
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
9 March 2026
Energy sanctions are becoming an increasingly prominent tool of US foreign policy, with the country’s growth in oil and gas production allowing it to impose pressure on rivals without jeopardising its own energy security or that of its allies, argues Matthew McManus, a visiting fellow at the National Center for Energy Analytics
