News

Oilfield Services

CES Energy Solutions Posts Record Q4 Revenue

Edward Kim | Equities.com |

Q4 revenue was C$367.8 million (US$288.1 million), an increase of 73% over the same period a year ago.


Halliburton CEO Jeff Miller Made $22.3 Million in 2020 vs $12.8 Million in 2019

Reuters | Equities.com |

The top executive for oilfield services firm Halliburton Co earned roughly $10 million more in 2020 than the prior year, despite pledges from the company to reduce executive pay as the coronavirus pandemic crushed the oil industry.

Jeff Miller earned a total of $22.3 million in 2020, versus $12.8 million the previous year. His compensation is 293 times that of the median compensation for his employees.


Schlumberger Beats Estimates, Sees Rebound to Pre-Pandemic Levels Within Two Years

Kimberly Redmond | Equities.com |

In its quarterly and annual earnings report released Friday, Schlumberger, the world’s top oilfield services provider reported fourth quarter net income of $374 million, or $0.27 per share, compared with $333 million, or $0.24 per share, during the prior year's quarter.

Revenue totaled $5.53 billion in the quarter, down from $8.23 billion a year earlier but above analyst estimates of $5.24 billion. It's the first quarter-over-quarter increase in revenue for Schlumberger since the third quarter of 2019.


Baker Hughes Beats Revenue Estimates But Misses on Earnings With Surprise Adjusted Loss

Kimberly Redmond | Equities.com |

After reporting its first quarterly net profit since oil prices took a nosedive in March 2020, Baker Hughes believes a rebound is on the horizon. 

On Thursday, the Houston-based company posted fourth quarter net income of $653 million, or $0.91 a share, compared with $48 million, or $0.07 a share, during the fourth quarter of 2019.

On an adjusted basis, however, the oilfield equipment and services provider reported a loss of $50 million, or $0.07 per share, in the quarter ending Dec. 31. Analysts had been looking for adjusted earnings of $0.17 per share.


Halliburton Beats Estimates, Optimistic About 'Activity Momentum' for 2021

Kimberly Redmond | Equities.com |

Although Halliburton ended 2020 with a nearly $3 billion loss for the year after demand for drilling work dried up during one of the worst oil busts in decades, company executives are hopeful they’re on the cusp of a rebound.

In its fourth-quarter earnings report released Tuesday, the Houston-based energy service firm said it had a net loss of $235 million, or $0.27 per share, during the last three months of 2020.


Halliburton Reduces Staff in Venezuela After US Sanctions Limit Operations

Reuters | Equities.com |

Oilfield services provider Halliburton Co has reduced its workforce in Venezuela as a result of U.S. sanctions limiting its operations in the crisis-stricken OPEC nation, a spokeswoman for the company said on Wednesday.

Washington in April limited the activities Halliburton - as well as rivals Schlumberger NV, Baker Hughes Co and Weatherford International Plc - could perform in Venezuela. The United States in 2019 sanctioned state oil company Petroleos de Venezuela as part of its push to oust President Nicolas Maduro.


Schlumberger Posts Second Straight Quarterly Loss, Plans Deeper Cost Cuts

Reuters | Equities.com |

Oilfield services giant Schlumberger NV on Friday outlined plans for deeper spending cuts after recording a $3.7 billion charge and a second straight quarterly loss on thousands of job cuts and a pipeline outage in Ecuador.

The large loss capped second-quarter reports from U.S. oilfield services providers that laid bare the damage wreaked by the coronavirus crisis. Producers cut spending about 40% this year as energy prices and demand...


Halliburton Posts Third Consecutive Quarterly Loss Amid Slump in Oil Prices

Reuters | Equities.com |

Oilfield services giant Halliburton Co posted its third straight quarterly loss on Monday as it took a $2.1 billion impairment charge amid a slump in oil prices and the resulting collapse in drilling by North American customers.

Demand for drilling services and oilfield equipment offered by Halliburton and rivals Schlumberger and Baker Hughes sank after oil prices collapsed in March. U.S. crude futures were trading around $40 per ba...


Over 66,000 Jobs Lost in Oilfield Services Since March

Reuters | Equities.com |

(Reuters) - Tim Harris was preparing to relocate for an assignment with energy services firm Halliburton Co (HAL.N) for the fifth time in 15 years when his career came to a halt.A third-generation employee, Harris rose through the ranks at the top shale-oil services provider to oversee oilfield crews. He sailed through several busts, with the exception of a 9-month break in 2016.But April’s historic price crash, which has left U.S. crude prices down 50% since January, put him and...


Baker Hughes Reports $10 Billion First Quarter Loss As Demand Plunges for Services and Equipment

Reuters | Equities.com |

Oilfield firm Baker Hughes Co reported a $10 billion loss and lower-than-expected revenue in the first quarter on Wednesday as an 80% plunge in oil prices crushed demand for services and equipment.Oil futures this week turned negative for the first time in history as fuel demand collapsed from the spread of the novel coronavirus and storage tanks fill up. The sudden free-fall in oi...


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