Latest Thoughts

Rigs vs. Sand Mines [Map]

With all the talk of local sands in recent weeks, we thought it’d be worthwhile to map rigs vs. mines. Shown on our map in this update is the dispersion of the US horizontal rig count plotted against the percentage of US frac sand capacity arising from a half dozen …

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Live From Dhahran, Here’s The 8 Most Important Things Schlumberger Said Friday Morning

With Schlumberger’s earnings call this morning, oilfield earnings season is officially underway. CEO Paal Kibsgaard addressed several of the themes we expect to dominate the conversation this earnings season including US price increases and activity strength and maybe over-exuberance, sluggish international conditions, aggressive frac reactivation, new business models in offshore drilling, …

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As Statoil Ramps UK Exploration, Transocean Wins Contracts That Are More Interesting Than They Appear

Thanks in part to the renewed exploration push in the UK, Transocean just announced two new contracts for the Transocean Spitsbergen (a 2009-built UDW HDHE semi) for Statoil drilling programs. The dayrate is near break-even, but that’s the least interesting thing about these contract awards… Digging deeper, a $27mm difference in the contract …

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For Schlumberger, It’s Love And Hate In The Lower 48

Schlumberger’s position and perspective on the North American market might best be described as a love-hate relationship. Endorsing the Lower 48 onshore outlook is simply not in Schlumberger’s DNA. Even as the company describes challenges that may make the North American E&P model unsustainable, it can’t resist getting bigger in …

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Fulfilling The Promise Of Weatherford [Guest Post]

Note: Each Friday in March, we are passing the keyboard to one of our readers to share perspective from the field. We hope you enjoy the thoughts these hand-picked contributors have to share. This week, Doug Sheridan shares some unique perspective on Weatherford’s legacy problem and potential opportunity. There’s a …

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US And Saudi Drilling Trends Diverge Again

In the recent past, US and Saudi drilling programs have exhibited an inverse relationship. The Saudis ramped aggressively into the downturn, and maintained elevated drilling levels while the US rig count crashed. Now as the US is ramping aggressively, the Saudis have toned things down a bit. Feature image credit: Instagram user …

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A Last Mile Solution Provider Is Going Public

Solaris Oilfield Infrastructure Inc. filed for a $100mm IPO late last week. Solaris is one of the frac sand last mile logistics companies highlighted in our deep dive report, which identified the company as a likely candidate to go public this year. Unlike some other new last mile solutions focused …

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Halliburton Rumored To Be Buying Aker Solutions

This morning, the Norwegian Financial daily Finansavisen reported in no uncertain terms that Aker Group, owned by Kjell Inge Røkke, is about to sell Aker Solutions to Halliburton. We have detailed analysis of the possibility including a cliff hanger question you don’t want to miss… There’s a lot more to this story… To …

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Breakneck Permian Rig Count Growth Is Cooling Off Now

Unconventional drilling in the Permian’s Midland and Delaware Basins has been increasing at a breakneck pace since 4Q16. Horizontal rigs going back to work on Midland and Delaware formations alone account for 1/3rd of the total increase in Lower 48 rig count since September 30, 2016. Over the past five weeks or …

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Weatherford Swipes Halliburton CFO, Strengthening Its Turnaround Story And Catching Everyone By Surprise

In an unexpected announcement Monday evening, Weatherford welcomed of Mark McCollum, Halliburton’s CFO, as its new permanent CEO and director. For Weatherford, choosing between interim CEO Krishna Shivram and McCollum was a win/win. Shivram impressed everyone during his stint at the helm, but McCollum is the stronger candidate. So when the board realized …

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