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
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