SLB’s Profit Exceeds Forecasts Due to Steady Demand for Oilfield Services
SLB’s performance improvement occurred due to stable demand for its services in certain international regions, which helped offset the slowdown in drilling operations in North America, Mexico, and Saudi Arabia. The company, the first among the major American oilfield service providers to release its report, had previously noted reduced activity …
The Number of Oil and Gas Rigs Worldwide Declined in May Due to North America
The Number of Active Oil and Gas Rigs Worldwide Decreased by 40 in May Compared to the Previous Month, Mainly Due to North America, According to U.S. Oilfield Services Company Baker Hughes. On average, 1,576 rigs were operating worldwide, compared to 1,616 in April. The May level was also 99 …
ADNOC Drilling Acquires 70% of SLB’s Drilling Business in Oman and Kuwait
ADNOC Drilling is acquiring a 70% stake in the drilling business of oilfield services company SLB (formerly Schlumberger) in Oman and Kuwait for approximately $112 million. A joint venture will be established based on these assets. The deal, expected to close in the first quarter of 2026, will give ADNOC …
Top Executive from KhMAO Appointed Head of Major Oilfield Services Company
Andrey Tregubov, a native of the Khanty-Mansi Autonomous Okrug (KhMAO), has been appointed CEO of Petro Welt Technologies (PeWeTe), a group of companies operating in the oilfield services sector. Tregubov previously served as Executive Director of the oil company “Katobneft” in Nizhnevartovsk. “Effective May 25, 2025, Andrey Tregubov has been …
The Oilfield Services Subsidiary of Public Joint Stock Company LUKOIL Has Increased Its Turnover
The oilfield services enterprise SpetsPromService, in which Public Joint Stock Company LUKOIL holds a 49.5 percent stake, increased its revenue six hundredfold in the year 2024, reaching 20.4 billion Russian rubles, according to a report by Kommersant. The publication notes that the revenue figures of SpetsPromService are now comparable to …
From a Small Enterprise to a Diversified Company: Limited Liability Company TMS Group Has Been Operating in the Market for 20 Years
The management company of Limited Liability Company TMS Group celebrates its 20th anniversary. Any round date is traditionally considered a milestone, providing a reason to reflect on past achievements. While twenty years may not seem like a grand milestone in the conventional sense, it offers a meaningful opportunity to summarize …
Halliburton Warns of a Crisis in the Oil and Gas Industry of the United States of America
The stock prices of oilfield services companies in the United States of America have fallen by approximately 6 percent, according to Reuters. Many participants in the oilfield services sector believe they will not be able to generate profit from new drilling operations if the price of crude oil falls below …
Oilfield Services Company Baker Hughes Reduces Net Profit by 12 Percent in the First Quarter
The American oilfield services company Baker Hughes Company reported a 12 percent decline in net profit for the first quarter of 2025, while its adjusted earnings increased by 19 percent, exceeding analyst expectations. From January through March, Baker Hughes posted a net profit of 402 million United States dollars, compared …
Halliburton’s Net Profit Drops Nearly Threefold in Q1
Halliburton Reports Nearly Threefold Drop in Q1 Net Profit U.S. oilfield services company Halliburton Co. saw its net profit fall nearly threefold in the first quarter of 2025, although its revenue exceeded analysts’ expectations. According to the company’s press release, net income for January–March totaled $204 million, down from $606 …
Baker Hughes and Iraq to Sign Memorandum on Investments in the Country’s Gas Sector
The American oilfield services company Baker Hughes Co. is preparing to sign a memorandum on investments in the Iraqi gas sector, the office of Prime Minister of the Republic Mohammed al–Sudani said after his meeting with CEO Lorenzo Simonelli. The draft agreement includes plans for the construction of a gas …