The oilfield services sector has had a tough start to the year, but things should start looking up for the sector as shale companies need more drilling to counter decline rates.
discussing why I thought land drilling contractors would start to rally after the first of the year. It turned out I was a bit early in my thesis and both of the companies I highlighted in the article, Patterson-UTI Energy, , and Helmerich & Payne, have both fallen about 60% from where I thought they were attractively priced. At this point, I will quotewho once famously said, “Predicting is very difficult, especially when it is about the future.
By comparison, conventional sandstone reservoirs have well-developed pore structures that permit this interstitial flow. Sandstones are known for a more heterogeneous “Turbidite” higher energy method of sedimentation that is characterized often by wide particle size distribution between the individual grains that make up the framework structure of the stone.
We have had about 600 oil rigs turning to the right since the middle of last year. Since June, 22 we have gone from 8.7 mm to 9.4 mm BOPD in shale output, or about 700K BOPD of increase. That's less than 58K per month of new production, meaning that about of the ~14K wells drilled in 2022 were to replace legacy production. It only gets worse from here.
The first is Halliburton, . HAL is the largest U.S. fracker with Q-1 revenues for pressure pumping in the neighborhood of $1.4 bn for the quarter, according to an industry source. That puts them solidly ahead of #2, Liberty Energy, at $1.262 bn for the quarter. Both companies saw sequential revenue and earnings growth, but the thing that really interests us is EBITDA margin growth shown on the slide below.
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