iShares U.S. Oil Equipment & Services ETF (ARCA: IEZ)

Dernières nouvelles pour iShares U.S. Oil Equipment & Services ETF (ARCA:IEZ)

iShares U.S. Oil Equipment & Services ETF

Energy

The Fund seeks to track the investment results of the Dow Jones U.S. Select Oil Equipment & Services Index (the Underlying Index), which measures the performance of the oil equipment and services sector of the U.S. equity market, as defined by S&P Dow Jones Indices LLC (the Index Provider or SPDJI). The Underlying Index includes companies that are suppliers of equipment or services to oil fields and offshore platforms, such as drilling, exploration, seismic information services and platform construction. The Underlying Index may include large-, mid- or small-capitalization companies. As of March 31, 2024, a significant portion of the Underlying Index is represented by securities of companies in the energy industry or sector. The components of the Underlying Index are likely to change over time.

Schlumberger Nv.

Baker Hughes Company Class A

Halliburton Co.

Technipfmc Plc

NOV Inc.

Championx Corp

Weatherford International Plc

Noble Corp Plc

Valaris Ltd.

Tidewater Inc

Archrock, Inc.

Cactus Inc

iShares US Oil Equipment & Services ETF

Stifel analyst Stephen Gengaro slashed the price forecast for Schlumberger (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>) from $58.00 to $54.00 <a href="https://www.benzinga.com/quote/SLB/analyst-ratings" target="_blank" rel="noreferrer noopener">while reaffirming a Buy rating</a>.
On April 25, the company reported a 3% year-over-year decline in first-quarter 2025 revenue to $8.49 billion, missing estimates of $8.59 billion and adjusted EPS of 72 cents, <a href="https://www.benzinga.com/25/04/45011665/schlumberger-falls-short-on-q1-results-but-maintains-strong-payout-strategy-and-buyback-completion" target="_blank" rel="noopener">which fell short of</a><a href="https://www.benzinga.com/25/04/45011665/schlumberger-falls-short-on-q1-results-but-maintains-strong-payout-strategy-and-buyback-completion" target="_blank" rel="noreferrer noopener"> the consensus of 74 cents</a>.
The analyst writes that despite the current macroeconomic uncertainty, the company&#8217;s margin performance is likely aided by its Digital business, the strength of its Production Systems segment, and ongoing cost reduction initiatives.
SLB has reaffirmed its expectation for strong free cash flow (FCF) and its commitment to returning at least $4 billion to shareholders <a href="https://www.benzinga.com/calendars/guidance" target="_blank" rel="noreferrer noopener">in 2025, notes the analyst</a>.
The analyst slashed EBITDA estimates to $8.38 billion (from $8.94 billion) for 2025 and $9.08 billion (from $9.75 billion) for 2026.
Overall, Gengaro expects the company&#8217;s strong FCF margin (10%+ expected through 2025) and low leverage to provide financial flexibility.
Also, the ChampionX acquisition is projected to benefit customers (especially offshore) and increase SLB&#8217;s exposure to resilient production/recovery <a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38054329/championx-schlumberger-shares-move-in-opposite-directions-after-8b-deal-announcement" rel="noreferrer noopener">markets, adds the analyst</a>.
Investors can gain exposure to the stock via&nbsp;iShares U.S. Oil Equipment &amp; Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>) and&nbsp;VanEck Oil Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>).
Price Action: SLB shares are down 1.52% at $33.99 at the last check Monday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/44957248" target="_blank" rel="noreferrer noopener">Texas-Based Baker Hughes Warns Of $100-$200 Million EBITDA Risk From Tariffs In 2025</a></li>
</ul>
Photo: Shutterstock

Equities

Large Cap

Price Target

iShares Dow Jones US Oil Equipment & Services Index Fund

Schlumberger's Margin Resilience: Analyst Highlights Digital & Production Strength Despite Price Cut

Texas-based oil and gas services provider Baker Hughes Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>) stock is trading lower on Wednesday. On Tuesday, the company reported <a href="https://www.benzinga.com/pressreleases/25/04/g44938082/baker-hughes-company-announces-first-quarter-2025-results" target="_blank" rel="noreferrer noopener">first-quarter FY25 revenue</a> of $6.43 billion, flat year over year (Y/Y), which missed the consensus of $6.49 billion.
Revenue was supported by growth in the Industrial &amp; Energy Technology (IET) segment, partly offset by a decrease in Oilfield Services &amp; Equipment (OFSE)&nbsp;business.
Adjusted EPS rose 19% Y/Y to $0.51, <a href="https://www.benzinga.com/news/earnings/24/01/36755352/baker-hughes-q4-surprise-eps-beat-cost-cuts-and-lng-triumphs-propel-growth" target="_blank" rel="noreferrer noopener">beating the consensus of $0.48</a>. Orders fell 1% Y/Y to $6.46 billion in the quarter, with a book-to-bill ratio of 1.0x.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/large-cap/25/03/44496455/baker-hughes-lands-multi-year-deal-for-dubai-gas-project" rel="noreferrer noopener">Baker Hughes Lands Multi-Year Deal For Dubai Gas Project</a>
Adjusted EBITDA surged 10% Y/Y to $1.037 billion, led by higher volumes in IET business, including higher proportionate growth in Gas Technology Equipment (GTE), productivity, structural cost-out initiatives, and higher pricing in both segments.
Operating cash flow stood at $709 million, and free cash flow was $454 million in the quarter.
Dividend:&nbsp;Baker Hughes&#8217; Board of Directors declared a quarterly dividend per share of $0.23, payable on May 16, 2025, to shareholders <a target="_blank" href="https://www.benzinga.com/pressreleases/25/04/g44936272/baker-hughes-declares-quarterly-dividend" rel="noreferrer noopener">of record on May 6, 2025</a>.
Buyback: The company bought back shares worth&nbsp;$188 million in the quarter.
Outlook: Looking ahead to Q2 FY25, Baker Hughes expects revenue of $6.3 billion—$7.0 billion (vs. a consensus of $6.88 billion) and EBITDA <a target="_blank" href="https://investors.bakerhughes.com/static-files/c841c59d-ad18-44d1-8b30-f39190e9457a" rel="noreferrer noopener">of</a> $1.04 billion and $1.20 billion.&nbsp;
Also, Baker Hughes sees revenue from the IET business of $3.00 billion—$3.30 billion and from <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">the OFSE business of $3.30 billion—$3.70 billion</a>.
For FY25, Baker Hughes sees a &#8216;high degree of variability&#8217; due to Trade policy and tariff uncertainty and a tempered outlook for 2025. In particular, the company expects tariffs to have an estimated potential impact of $100 million—$200 million on 2025 EBITDA.
Lorenzo Simonelli, Baker Hughes chairman and chief executive officer, said, &#8220;Although our outlook is tempered by broader macro and trade policy uncertainty, we remain confident in our strategy and the resilience of our portfolio.&#8221;
In February, the company disclosed that Ahmed Moghal had been appointed as its <a target="_blank" href="https://www.benzinga.com/news/management/25/02/43918982/baker-hughes-appoints-ahmed-moghal-as-cfo-reaffirms-growth-targets" rel="noreferrer noopener">new&nbsp;chief financial officer</a>.
Investors can gain exposure to the stock via iShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>) and&nbsp;VanEck Oil Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>).
Price Action: At the last check on Wednesday, BKR shares were trading lower by 4.37% at $36.69.
Read Next:
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<li><a href="https://www.benzinga.com/news/earnings/25/04/44955951/ge-vernova-can-mitigate-tariff-and-inflation-concerns-after-strong-q1-sticks-to-annual-outlook" target="_blank" rel="noreferrer noopener">GE Vernova Can Mitigate Tariff And Inflation Concerns After Strong Q1, Sticks To Annual Outlook</a></li>
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Photo by hkhtt hj via Shutterstock

Earnings

News

Guidance

Texas-Based Baker Hughes Warns Of $100-$200 Million EBITDA Risk From Tariffs In 2025

Baker Hughes Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>) shares are trading lower on Wednesday after it secured a multi-year contract with Dubai Petroleum Establishment (DPE) on behalf of <a href="https://www.benzinga.com/pressreleases/25/03/g44490272/baker-hughes-awarded-integrated-coiled-tubing-drilling-contract-for-dubai-petroleum-establishments" target="_blank" rel="noreferrer noopener">Dubai Supply Authority</a>.
As per the deal, it will deliver integrated coiled-tubing drilling services for the Margham Gas storage project.
By delivering coiled-tubing drilling services, Baker Hughes expands its role in the Margham Gas project, which leverages the mature Margham field.
In addition to supplying Integrated Compressor Line (ICL) units for gas storage, injection, and export, Baker Hughes&#8217; comprehensive solutions contribute to building a more reliable and lower-emission power system.
This initiative aims to enhance Dubai's energy stability by improving the system's flexibility to switch between natural gas and solar power.
The project leverages Baker Hughes&#8217; proficiency in integrating coiled-tubing drilling, under-balanced drilling, and its advanced CoilTrak bottomhole assembly (BHA) system.
CoilTrak enhances horizontal drilling by improving navigation through subsurface formations, optimizing reservoir contact, an essential factor for efficient underground gas storage.
Amerino Gatti, executive vice president of Oilfield Services &amp; Equipment at Baker Hughes said, &#8220;Our integrated solutions approach combines industry-leading technology and expertise across the energy value chain to help DPE scale-up and develop reliable, secure and lower-carbon power solutions for their country.&#8221;
Investors can gain exposure to the stock via iShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>) and VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>).
Price Action: BKR shares are down 1.15% at 444.66 at the last check Wednesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/contracts/25/03/44304280/baker-hughes-novalt-gas-turbines-to-power-data-centers-amid-growing-ai-demand" target="_blank" rel="noreferrer noopener">Baker Hughes&#8217; NovaLT Gas Turbines To Power Data Centers Amid Growing AI Demand</a></li>
</ul>

Movers

Baker Hughes Lands Multi-Year Deal For Dubai Gas Project

On Thursday, Baker Hughes Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>) received a contract from TURBINE-X Energy Inc. to supply its <a href="https://www.benzinga.com/pressreleases/25/03/g44300005/baker-hughes-secures-order-to-provide-reliable-and-efficient-power-to-u-s-data-centers" target="_blank" rel="noreferrer noopener">NovaLT gas turbine technology</a>.
The NovaLT gas turbine is a versatile multi-fuel solution capable of starting up and operating on a range of fuels, including natural gas, hydrogen blends, and 100% hydrogen.
As part of the deal, Baker Hughes will supply equipment, such as gears and power generation generator technology, for several data center projects throughout North America.
This technology is aimed at meeting the growing power demands from the data center industry.
Baker Hughes executive vice president Ganesh Ramaswamy credits &#8220;surging demand for generative AI&#8221; for increasing opportunities for the company&#8217;s power generation solutions to support behind-the-meter power requirements for data centers.
This announcement comes after Baker Hughes disclosed a partnership with&nbsp;Frontier Infrastructure&nbsp;to accelerate large-scale carbon capture and storage <a target="_blank" href="https://www.benzinga.com/news/contracts/25/03/44084457/baker-hughes-partners-with-frontier-on-carbon-capture-push-details" rel="noreferrer noopener">(CCS)&nbsp;and power solutions in the U.S this month</a>.
Last week, the company said today that it has been&nbsp;selected&nbsp;by the U.S. Air Force and the Department of Defense's Chief Digital and Artificial Intelligence Office to explore opportunities <a target="_blank" href="https://www.benzinga.com/news/contracts/25/03/44277984/whats-going-on-with-baker-hughes-stock-today" rel="noreferrer noopener">in geothermal energy development</a>.
The company will announce the results of the first quarter <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">on&nbsp;Tuesday, April 22, 2025</a>.
Investors can gain exposure to the stock via iShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>) and VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>).
Price Action: BKR shares are up 0.38% at $42.64 premarket at the last check Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/contracts/25/03/44084457/baker-hughes-partners-with-frontier-on-carbon-capture-push-details" target="_blank" rel="noreferrer noopener">Baker Hughes Partners with Frontier On Carbon Capture Push: Details</a></li>
</ul>

Contracts

Baker Hughes' NovaLT Gas Turbines To Power Data Centers Amid Growing AI Demand

Baker Hughes Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>) disclosed a partnership with Frontier Infrastructure to accelerate large-scale carbon capture and storage (CCS) <a target="_blank" href="https://www.benzinga.com/pressreleases/25/03/g44074914/baker-hughes-frontier-infrastructure-announce-partnership-to-accelerate-development-of-carbon-capt" rel="noreferrer noopener">and power solutions in the U.S</a>.
Under the agreement, Baker Hughes will contribute advanced technology solutions and resources to support CCS, power generation, and data center projects.
Notably, Frontier is developing the Sweetwater Carbon Storage Hub, a 100,000-acre open-access sequestration site in Wyoming.
Designed for industrial emitters and Midwest ethanol facilities, its CO₂-by-rail strategy sets a new standard for scalable carbon storage.
With three Class VI permits secured, drilling is underway, with first injection planned by late 2025.
Frontier is expanding its infrastructure with 256 megawatts (MW) of gas-fired generation to meet growing power demands in Wyoming, the Mountain West, and Texas, driven by data center and industrial growth.
Baker Hughes&#8217; NovaLT gas turbines will be used to enhance power generation, ensuring efficient and flexible energy delivery.
Baker Hughes anticipates receiving orders as Frontier&#8217;s projects advance under this agreement. Frontier is a portfolio company of Tailwater Capital, a private equity firm specializing in integrated energy and environmental infrastructure investments.
Last month, Baker Hughes disclosed the appointment of Ahmed Moghal as its <a href="https://www.benzinga.com/news/management/25/02/43918982/baker-hughes-appoints-ahmed-moghal-as-cfo-reaffirms-growth-targets">new chief financial officer.</a>
Also, the company reiterated its first-quarter and full-year 2025 guidance of another strong year of EBITDA growth, targeting a 20% EBITDA margin for its OFSE segment in 2025 and&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">for the IET segment in 2026</a>.
Investors can gain exposure to the stock via iShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>) and&nbsp;VanEck Oil Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>).
Price Action: BKR shares are up 0.65% at $44.88 at the last check Monday.
Read Next:
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<li><a href="https://www.benzinga.com/government/regulations/25/02/43540757/oil-prices-trim-losses-as-department-of-treasury-issues-sanctions-on-irans-crude-shipments-to-china" target="_blank" rel="noreferrer noopener">Oil Prices Trim Losses As Department Of Treasury Issues Sanctions On Iran&#8217;s Crude Shipments To China</a></li>
</ul>
Image via Shutterstock.

Baker Hughes Partners with Frontier On Carbon Capture Push: Details

Baker Hughes Company&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>) shares are trading lower on Monday. The company disclosed the appointment of Ahmed Moghal as its new <a target="_blank" href="https://www.benzinga.com//node/43911780" rel="noreferrer noopener">chief financial officer, effective immediately.</a>
He will succeed Nancy Buese, who, by mutual agreement with the company, ceased to serve as CFO effective today. She will transition to a strategic adviser role and will leave the company on April 30, 2025.
Moghal, who is currently serving as CFO of the company&#8217;s Industrial &amp; Energy Technology (IET) business, previously held senior roles across various business and corporate functions.
Lorenzo Simonelli, Baker Hughes chairman and chief executive officer, said, &#8220;The news we are announcing today reflects the substantial progress Baker Hughes has made in executing our strategic transformation. Reflecting on the financial successes achieved during Horizon 1, we drove record results last year while taking key actions across the Company to significantly expand margins.&#8221;
&#8220;As part of his previous roles in Baker Hughes, and as well as currently leading free cash flow efforts across the Company, Moghal has developed unique insights into our business and broad portfolio that will ensure we efficiently allocate capital to drive profitable growth while remaining focused on continuous margin improvement.&#8221;
Read: <a target="_blank" href="https://www.benzinga.com/25/02/43433329/baker-hughes-lands-exxonmobil-guyana-deal-partners-with-hanwha-on-ammonia-turbines" rel="noreferrer noopener">Baker Hughes Lands ExxonMobil Guyana Deal, Partners With Hanwha On Ammonia Turbines</a>
Outlook: The company reiterated its first-quarter and full-year 2025 guidance of another strong year of EBITDA growth, targeting a 20% EBITDA margin for its OFSE segment in 2025 and <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">for the IET segment in 2026</a>.
Additionally, the company is committed to returning 60% to 80% of<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener"> free cash flow to shareholders</a>.
Last month, Baker Hughes reported fourth-quarter adjusted EPS of $0.70, surpassing the $0.63 estimate, and sales of $7.36 billion, <a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/g43356061/baker-hughes-announces-fourth-quarter-and-full-year-2024-results" rel="noreferrer noopener">beating the $7.08 billion estimate</a>.
Investors can gain exposure to the stock via iShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>) and&nbsp;VanEck Oil Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>).
Price Action: BKR shares are down 1.67% at $44.86 at the last check Monday.
Read Next:
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<li><a href="https://www.benzinga.com/government/regulations/25/02/43540757/oil-prices-trim-losses-as-department-of-treasury-issues-sanctions-on-irans-crude-shipments-to-china" target="_blank" rel="noreferrer noopener">Oil Prices Trim Losses As Department Of Treasury Issues Sanctions On Iran&#8217;s Crude Shipments To China</a></li>
</ul>
Image via Shutterstock.

Management

Baker Hughes Appoints Ahmed Moghal As CFO, Reaffirms Growth Targets

Schlumberger N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>) shares are trading relatively flat in the premarket session on Wednesday after jumping<a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/b43461136/slb-onesubsea-signs-agreement-with-v-r-energi-for-upcoming-subsea-developments-in-norway" rel="noreferrer noopener"> over 2% yesterday.</a>
Yesterday, Schlumberger&#8217;s OneSubsea joint venture entered an agreement with Vår Energi to deliver a subsea production systems work scope, aimed at supporting multiple upcoming oil and gas developments on the Norwegian Continental Shelf.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, SLB stock has lost over 15% in the past year.
This collaboration, which builds on an existing strategic subsea partnership, will fast-track subsea developments by leveraging standardized, configurable subsea equipment.
The work begins immediately with the delivery of two key equipment packages that will streamline future project timelines.
Also Read: <a target="_blank" href="https://www.benzinga.com/25/02/43489392/alphabet-plunges-71-in-pre-market-as-cloud-revenue-disappoints-and-ai-spending-surges" rel="noreferrer noopener">Google-Parent Alphabet Plunges 7% In Wednesday Pre-Market: What&#8217;s Going On?</a>
The first package consists of a full SPS system, including four vertical subsea trees, wellheads, templates, manifolds, and umbilicals, designed for quick deployment across any of Vår Energi&#8217;s fields.
The second package focuses on the engineering and procurement of a similar SPS system, which will allow for reduced lead times in future developments.
Investors can gain exposure to the stock via iShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>).
Mads Hjelmeland, CEO of SLB OneSubsea, emphasized that this approach simplifies processes and accelerates resource unlocking, demonstrating the strong commitment between the two companies to configurable solutions.
&#8220;This is a significant step forward for our partnership, and we are grateful for our open, collaborative relationship with Vår that now leads to such new ways of creating mutual value for both companies,&#8221; Hjelmeland said.
Price Action: SLB stock is down 0.44% at $41.04 premarket at the last check Wednesday.
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Photo via Shutterstock.

Markets

General

Schlumberger Expands Subsea Partnership with Vår Energi: Details

Baker Hughes Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>) disclosed several transactions and partnerships at the Baker Hughes <a target="_blank" href="https://www.benzinga.com/quote/BKR" rel="noreferrer noopener">2025 Annual Meeting in Florence</a>.
ExxonMobil Contract: Baker Hughes secured a contract from Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) Guyana to supply specialty chemicals and services for the Uaru and Whiptail offshore <a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/g43426683/baker-hughes-secures-major-chemicals-award-from-exxonmobil-guyana-for-fpsos" rel="noreferrer noopener">developments in the Stabroek Block</a>.
Uaru and Whiptail are ExxonMobil Guyana&#8217;s fifth and sixth projects, featuring up to 20 drill centers and 92 wells.
Each FPSO will have a capacity of 250,000 barrels per day, raising the country's total production capacity to 1.3 million barrels per day.
The multi-year contract covers topsides, subsea, water injection, and utility chemicals for the Errea Wittu and Jaguar FPSOs, set to begin production in 2026 and 2027, respectively.
Hanwha Partnership: Baker Hughes inked a joint Development and Collaboration Agreement (JDCA) with Hanwha Power Systems and Hanwha Ocean to develop a small-size <a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/g43426721/baker-hughes-and-hanwha-announce-partnership-to-develop-small-size-ammonia-turbines" rel="noreferrer noopener">turbine for ammonia applications</a>.
The turbine will combine Baker Hughes&#8217; gas turbine technology with Hanwha&#8217;s ammonia combustion system.
Baker and Hanwha plan to complete full engine testing with ammonia by the end of 2027, after which the ~16MW turbine will be available for commercial orders.
Argent LNG Contract: The company has been chosen by Argent LNG as the liquefaction solution and services provider for its proposed LNG <a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/g43427007/argent-lng-selects-baker-hughes-as-technology-provider-strengthening-project" rel="noreferrer noopener">export facility in Port Fourchon, Louisiana</a>.
Baker Hughes will supply liquefaction technology, power generation equipment, and gas compression systems for the facility, which aims to produce approximately 24 MTPA of LNG.
Last month, Baker Hughes reported fourth-quarter adjusted EPS&nbsp;of $0.70, beating the consensus of $0.63 and sales&nbsp;of $7.36 billion, exceeding <a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/g43356061/baker-hughes-announces-fourth-quarter-and-full-year-2024-results" rel="noreferrer noopener">the street view of&nbsp;$7.08 billion</a>.
Investors can gain exposure to the stock via iShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>) and&nbsp;VanEck Oil Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>).
Price Action: BKR shares are up 0.39% at $46.36 premarket at the last check Monday.
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Image via Shutterstock.

Baker Hughes Lands ExxonMobil Guyana Deal, Partners With Hanwha On Ammonia Turbines

SLB Capturi, a joint venture&nbsp;between Schlumberger (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>) and Aker Solutions, secured an engineering, procurement, construction, installation, and commissioning <a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/b43220800/slb-capturi-and-aker-solutions-win-contract-to-deliver-carbon-capture-solution-for-hafslund-celsio" rel="noreferrer noopener">(EPCIC) contract from Hafslund Celsio</a>.
The company plans to deliver a carbon capture solution at its Klemetsrud waste-to-energy facility in Oslo.
The contract includes a carbon capture plant, liquefaction system, temporary storage, and a loading facility at the waste incineration site, along with an intermediate CO2 storage and ship loading system at Oslo harbor.
The project will use SLB Capturi&#8217;s modularized Just Catch 400 unit, which enables a cost-effective solution by minimizing onsite footprint, installation, and outfitting work.
The plant is expected to capture 350,000 metric tons of CO2 annually, upon operational, which will be transported to the Northern Lights storage facility.
The EPCIC award follows a cost-reduction phase that identified efficiencies, including layout optimization.
The project is part of Longship, Norway&#8217;s full value-chain CCS initiative. Hafslund Celsio&#8217;s project is the second carbon capture plant in Longship, with SLB Capturi also delivering the carbon capture plant at Heidelberg Materials&#8217; Brevik cement facility in collaboration with Aker Solutions.
Martin S. Lundby, chief executive officer at Hafslund Celsio, stated, &#8220;Our partners bring valuable expertise from large industrial developments both in Norway and internationally. Together, we will construct a carbon capture solution that is expected to be operational by third quarter 2029.&#8221;
&#8220;This project is a testament to important public and private collaboration to build an industrial value chain for carbon capture and storage. The project will also significantly contribute to reducing emissions and will create value for both industry and society,&#8221; added Kjetel Digre, CEO of Aker Solutions.
Last week, SLB, along with Star Energy Geothermal, a subsidiary of Indonesian renewable energy company&nbsp;Barito Renewables, entered into a partnership to<a target="_blank" href="https://www.benzinga.com/25/01/43135328/slb-teams-up-with-star-energy-geothermal-to-advance-geothermal-tech" rel="noreferrer noopener"> boost geothermal technology</a>.
Recently, the company reported&nbsp;better-than-expected fourth-quarter 2024 results, with revenue of $9.28 billion, beating the consensus of $9.18 billion. Adjusted EPS increased 7% to 92 cents,&nbsp;above <a target="_blank" href="https://www.benzinga.com/25/01/43055401/schlumberger-posts-strong-q4-results-raises-dividend-and-buybacks-championx-deal-to-strengthen-future-growth" rel="noreferrer noopener">the consensus of 90 cents</a>.
SLB raised its dividend by 3.6% and initiated $2.3 billion in accelerated share repurchase, boosting shareholder returns.
Investors can gain exposure to the stock via iShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>) and&nbsp;VanEck Oil Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>).
Price Action: SLB shares are down 0.40% at $42.08 premarket at the last check Monday.
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Schlumberger JV Lands Carbon Capture Deal In Oslo, Norway: Details

Schlumberger N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>) shares are trading lower on Wednesday. The company secured several major drilling contracts from Shell PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>).
These contracts will support capital-efficient energy development across deep- and ultra-deepwater assets in the UK North Sea, Trinidad and Tobago, the <a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/b42872559/slb-awarded-multi-region-deepwater-contracts-by-shell-to-support-capital-efficient-energy-developm" rel="noreferrer noopener">Gulf of Mexico, and other locations.</a>
The projects, set to be delivered over three years, will leverage SLB&#8217;s AI-enabled digital drilling capabilities alongside its expertise in ultra-deepwater environments.
This combination aims to consistently deliver more efficient wells, enhancing cost-effectiveness.
The contracts will cover digital directional drilling services, hardware, logging while drilling, surface logging, cementing, drilling and completions fluids, completions, and wireline services.
Last month, SLB disclosed that its OneSubsea joint venture won a contract from Petrobras, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/12/b42459584/slb-onesubsea-awarded-subsea-boosting-contract-by-petrobras-for-the-b-zios-field-offshore-brazil" rel="noreferrer noopener">following a competitive tender</a>.
The contract involves the provision of two subsea raw seawater injection systems to enhance recovery from the Búzios field.
Investors can gain exposure to the stock via iShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>) and VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>).
Price Action: SLB shares are down 1.69% at $38.71 at the last check Wednesday.
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Image via Shutterstock.

SHEL

Shell Awards Schlumberger Three-Year, Multi-Region Deepwater Contracts: Details

Schlumberger N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>) shares are <a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">trading higher on Wednesday</a>.
Today, the company announced a significant new contract with Petrobras (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBR#NYSE">PBR</a>).
The $800 million deal will see Schlumberger provide integrated services across all offshore fields operated by the Brazilian oil giant, marking a significant expansion in their long-standing partnership.
The contract, awarded after a competitive tender, will see Schlumberger oversee the construction of over 100 deepwater wells, utilizing cutting-edge technologies in drilling, cementing, and drilling fluids.
These services will be provided across the Campos, Santos, and Espírito Santo Basins, along with other Petrobras-operated fields.
The contract also includes operations in the Equatorial Margin, contingent upon the approval of exploration licenses, with the three-year contract set to begin in April 2025.
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Schlumberger&#8217;s commitment to local content is evident, with much of the technology and equipment to be deployed sourced from within Brazil.
The company has maintained a strong relationship with Petrobras for decades, and this contract further strengthens that partnership while introducing new technologies aimed at improving operational efficiency and environmental sustainability.
Technologies to be used under the contract include Schlumberger&#8217;s Ora intelligent wireline formation testing platform and SpectraSphere fluid mapping-while-drilling service.
These innovations are designed to optimize productivity, minimize risks, and reduce emissions, making Petrobras&#8217; offshore operations safer and more efficient.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, SLB stock has lost over 16% in the past year. Investors can gain exposure to the stock via iShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>).
Price Action: SLB shares are trading higher by 0.49% to $41.07 at last check Wednesday.
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Image via Shutterstock.

Schlumberger Lands Petrobras Contract To Build 100+ Wells: Details

Analysts cut the price target on BP p.l.c. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) following the company&#8217;s third quarter results reported on Tuesday.
BP&#8217;s revenue fell short at $47.25 billion, below the $52.56 billion consensus, with oil production down <a target="_blank" href="https://www.benzinga.com/news/earnings/24/10/41598840/bp-stock-drops-as-q3-revenue-misses-mark-production-declines-debt-rises" rel="noreferrer noopener">6% year over year</a>.
For FY24, BP&nbsp;continues to expect&nbsp;both reported and underlying upstream production to be&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">slightly higher than the prior year</a>.&nbsp;
Meanwhile, the company continues to expect $25 billion&nbsp;of divestments and other proceeds from the second half of 2020 through 2025.
RBC Capital Markets analyst Biraj Borkhataria lowered the price target to 480p (from 525p) while reiterating the Sector Perform rating.
The analyst writes that BP faced significant challenges lately, and without an improving macroeconomic environment, they believe the investment case remains weak.
The company appears to have missed an opportunity in 2022-23, a peak period in the cycle, to significantly reduce its leverage, adds the analyst.
Borkhataria says that this oversight has left its distribution program less resilient compared to its peers.
The analyst observed a stronger focus on the balance sheet this quarter compared to previous periods, with net debt increasing from $33.3 billion to $35.3 billion (including leases).
Borkhataria expects this figure to rise to approximately $40 billion by the end of the year.
The analyst says that BP requires a reset of expectations ahead of its February 2025 Capital Markets Day (CMD).
Adjusting the &#8216;surplus&#8217; payout ratio seems prudent, and the analyst believes it would be wise to allocate more cash towards strengthening the balance sheet.
Given the lackluster returns in recent years, Borkhataria thinks that prioritizing de-leveraging over growth capital expenditures in the transition engines should be the focus.
The analyst&#8217;s revised EPS estimates reflect a decrease of 6% for 2024 and 10% for 2025, primarily due to lower refining earnings, partially balanced by increased contributions from gas and low-carbon initiatives.
Goldman Sachs analyst Michele Della Vigna reduced the price target to 560p from 580p while reaffirming the Buy rating. Also, the analyst reduced the <a href="https://www.benzinga.com/quote/BP/analyst-ratings">ADR price target to $44.0 from $46.0.</a>
The analyst anticipates lower oil and gas price realizations than expected, particularly for European gas, which may result in diminished earnings and cash flow generation.
Additionally, lower-than-expected recovery rates in mature offshore oil and gas fields could lead to higher decline rates than currently projected, ultimately resulting in lower production growth and cash flow than their current estimates, adds the analyst.
Vigna adjusted the estimates, resulting in EPS changes of approximately -2%, -7%, and -5% for 2024, 2025, and 2026, respectively, primarily due to lower refining margins and reduced oil trading profits.
Price Action: BP shares are down 0.66% at $29.17 at the last check Wednesday.
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Trading Ideas

BP Faces Price Forecast Cuts As Analysts Flag Weak Earnings And Rising Debt Challenges

Schlumberger N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>) shares are trading lower on Tuesday. The company disclosed that its OneSubsea joint venture won a contract from BP p.l.c. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) for a subsea boosting system as part of the greenfield development of the <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41598382/slb-onesubsea-awarded-subsea-boosting-contract-for-bps-kaskida-project-in-gulf-of-mexico" rel="noreferrer noopener">Kaskida project in the deepwater U.S</a>.
This contract signifies an important achievement in the enduring collaboration between SLB OneSubsea and BP, as it is their inaugural engineering, procurement, and construction (EPC) agreement for a subsea boosting system.
The project involves a supplier-led high-pressure subsea pump solution, featuring an integrated power and controls umbilical, as well as the requisite topside equipment.
The OneSubsea subsea boosting system is a crucial technology for bp&#8217;s inaugural Paleogene field development.
It will provide the necessary artificial lift to optimize production by enhancing reserve recovery while minimizing energy consumption.
This month, SLB reported revenue growth of 10.2% year over year to $9.159 billion, missing the consensus of $9.25 billion. Adjusted EPS increased 14% to 89 cents,&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/10/41401700/schlumberger-q3-earnings-mixed-results-as-middle-east-shines-and-latin-america-falters" rel="noreferrer noopener">above the consensus of 88 cents</a>.
Investors can gain exposure to SLB via&nbsp;VanEck Oil Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) and&nbsp;IShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>).
Price Action: SLB shares are down 2.38% at $40.41 at the last check Tuesday.
Photo via Shutterstock
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Schlumberger's OneSubsea Lands Key Contract With BP To Power Deepwater Kaskida Project: Details

On Monday, Schlumberger N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>) disclosed the formation of a joint venture (JV) with ADNOC Drilling Company and Patterson-UTI Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTEN#NASDAQ">PTEN</a>) called <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b41093343/slb-and-adnoc-drilling-partner-for-unconventional-oil-and-gas-development" rel="noreferrer noopener">Turnwell Industries LLC OPC</a>.
The JV aims to accelerate the UAE&#8217;s unconventional oil and gas program. It targets the completion of 144 wells by 2025, with the potential for additional wells in a second phase.
ADNOC Drilling will hold a 55% stake, with SLB and Patterson-UTI holding 30% and 15% stakes in the JV. SLB will provide drilling, completion services, project management, and digital solutions.
This deal is expected to enable the companies to leverage cutting-edge innovations in AI, smart drilling design, completions engineering, and production solutions.
Tarek Rizk, SLB&#8217;s president for the Middle East and North Africa region, said, &#8220;We are proud to join forces with ADNOC Drilling in this strategic partnership that demonstrates SLB&#8217;s leading position in the region deploying innovative digital, drilling and completion technologies in developing unconventional energy resources.&#8221;&nbsp;
&#8220;UAE&#8217;s unconventional energy assets hold a promising future, and we are very much looking forward to elevating their performance in a safe and sustainable way.&#8221;
Abdulrahman Abdulla Al Seiari, chief executive officer, ADNOC Drilling stated, &#8220;Turnwell will not only unlock the immense potential of the UAE&#8217;s world-class unconventional energy resources but will also set new benchmarks for the global energy industry. We are proud to lead the way in responsibly shaping the future of energy, both in the UAE and beyond.&#8221;
Last month, Schlumberger partnered with NVIDIA to create generative AI solutions focusing on subsurface exploration and <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40939729/energy-meets-ai-schlumberger-teams-up-with-nvidia-to-supercharge-industry-efficiency" rel="noreferrer noopener">data management in energy</a>.
Investors can gain exposure to SLB via&nbsp;VanEck Oil Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) and&nbsp;IShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>).
Price Action: SLB shares are down 0.74% at $41.64 premarket at the last check Tuesday.
Image via Shutterstock
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PTEN

SLB, ADNOC Drilling, Patterson-UTI Join Forces To Accelerate UAE's Unconventional Oil Program

Schlumberger (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>) shares are trading higher on Tuesday. The company launched the Lumi data and AI platform, integrating advanced AI into workflows<a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40894766/slb-launches-ai-powered-lumi-platform" rel="noreferrer noopener"> across the energy value chain</a>.
The Lumi platform offers open, secure access to high-quality data across all energy domains, boosting collaboration and decision-making. It integrates the latest large language models&nbsp;(LLMs) and SLB&#8217;s domain-specific models, facilitating scalable AI adoption.
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The Lumi platform will be available on major cloud providers and on-premises, offering global access.
SLB&#8217;s Delfi platform will leverage Lumi&#8217;s capabilities for improved reservoir modeling, seismic interpretation, and drilling workflows, while boosting automation and efficiency for low-carbon energy operations.
The Lumi platform combines technologies from top partners with SLB&#8217;s expertise to enhance data and AI access across the energy production cycle.
Rakesh Jaggi, president, Digital and Integration, SLB, said, &#8220;Through the Lumi data and AI platform, we will liberate and contextualize data for our global customers across domains – enabling them to scale advanced AI workflows and accelerate their ongoing digital transformation.&#8221;
Investors can gain exposure to SLB via&nbsp;VanEck Oil Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) and&nbsp;IShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>).
Price Action: SLB shares are up 0.42% at $40.57 premarket at the last check Tuesday.
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Energy Gets AI Boost: Schlumberger's Lumi Platform To Power Next-Gen Digital Transformation

Schlumberger N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>) disclosed that it has successfully demonstrated sustainable lithium production <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40789109/slb-achieves-breakthrough-results-in-sustainable-lithium-production" rel="noreferrer noopener">at scale at its Clayton Valley, Nevada, plant</a>.
SLB&#8217;s integrated solution offers a complete, end-to-end process that includes advanced impurity treatment and concentration technologies to produce high-purity lithium carbonate or hydroxide.
The company aims to accelerate the market availability of responsibly sourced lithium products. The solution extracts lithium from brine 500 times faster than traditional methods, using only 10% of the land.
The company stated that the plant achieved a verified lithium recovery rate of 96% from brine when operating at about one-tenth the size of a commercial facility.
The traditional lithium extraction process requires vast land and depletes water, leaving harmful residues. SLB&#8217;s solution minimizes water use and returns processed brine to its source, reducing environmental impact.
Gavin Rennick, president of SLB&#8217;s New Energy business said, &#8220;SLB&#8217;s demonstration plant in Clayton Valley proves our unique integrated approach to produce scalable quantities of lithium in the fastest, most economical and sustainable way for today&#8217;s market. This accelerates deployment of viable commercial-scale facilities for high-quality lithium products that are the backbone of our electrification economy.&#8221;
In July, Schlumberger reported a second-quarter 2024 revenue increase of 13% year-over-year to $9.139 billion,&nbsp;beating the consensus of $9.076 billion. Adjusted EPS increased 18% Y/Y to $0.85,&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/39859998/schlumberger-outshines-expectations-solid-international-growth-fuels-q2-success" rel="noreferrer noopener">above the consensus of $0.83</a>.
Investors can gain exposure to SLB via&nbsp;VanEck Oil Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) and&nbsp;IShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>).
Price Action: SLB shares are up 0.25% at $39.69 premarket on the last check Wednesday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Schlumberger's Breakthrough In Lithium Production: Details

Halliburton Company&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>) stock is trading lower on Tuesday<a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener"> in the premarket session.</a>
Earlier, in an exchange filing dated August 21, the company said that it became aware that an unauthorized<a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40511054/halliburtons-north-houston-campus-affected-by-cyberattack-report" rel="noreferrer noopener"> third party gained access to certain of its systems.</a>
Halliburton <a target="_blank" href="https://ir.halliburton.com/static-files/ab23c34e-0577-4843-8da1-43fee4f4de2e" rel="noreferrer noopener">reported</a> today in a filing that the cyber attack has disrupted and restricted access to critical business applications, impacting various operations and corporate functions. The company insists that the incident hasn&#8217;t and isn&#8217;t expected to significantly impact its financial health or operations.
The company suspects that an unauthorized third party gained access to and extracted sensitive information from its systems. Halliburton is currently assessing the extent of the breach and determining the necessary notifications.
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However, it still faces a slew of risks: management distractions, possible lawsuits, shifts in customer behavior, and a likely increase in regulatory scrutiny.
Halliburton said it is actively updating its customers and stakeholders about the incident.
Adhering to its rigorous safety protocols under the Halliburton Management System, it also assesses the impact of the breach on its ongoing operations. the filing added.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, HAL stock has lost over 23% in the past year. Investors can gain exposure to the stock via iShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>) and Invesco Oil &amp; Gas Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PXJ#NYSE">PXJ</a>).
Price Action: HAL shares are trading lower by 1.74% to $30.55 premarket at last check Tuesday.
Image via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

PowerShares Exchange-Traded Fund Trust Dynamic Oil Services Portfolio

Why Is Halliburton Stock Falling Today?

On Friday, Baker Hughes Company&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>) reportedly stated that U.S. energy firms reduced the number of oil and natural gas rigs for the second consecutive week, marking the first such decline since late June.
The oil and gas rig count decreased by one to 585 for the week ending August 23, bringing the total count down 47 rigs, or 7%, below the same period last year, reported Reuters.
The oil rigs remained steady at 483, while gas rigs fell by one to 97 this week. The rig count dropped about 20% in 2023 following significant increases in 2021 and 2022, due to lower oil and gas prices, rising costs, and a focus on debt reduction and shareholder returns.
As per the report, U.S. oil futures have risen about 5% in 2024 after a drop of 11% in 2023, whereas U.S. gas futures are down about 19% in 2024 following a 44% plunge in 2023.
Read: <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/08/40313301/oil-prices-eye-fourth-straight-day-of-gains-as-geopolitical-risks-overshadow-opecs-cooler-demand-f" rel="noreferrer noopener">Oil Prices Eye Fourth Straight Day Of Gains As Geopolitical Risks Overshadow OPEC&#8217;s Cooler Demand Forecast</a>
The rise in oil prices is expected to drive U.S. crude output up from a record 12.9 million barrels per day (bpd) in 2023 to 13.2 million bpd in 2024 and 13.7 million bpd in 2025, per the latest EIA outlook.
Conversely, gas producers cut back on drilling earlier this year after prices fell to 3½-year lows in February and March.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/40010863/these-analysts-boost-their-forecasts-on-baker-hughes-after-strong-q2-results" rel="noreferrer noopener">These Analysts Boost Their Forecasts On Baker Hughes After Strong Q2 Results</a>
Investors can gain exposure to BKR via&nbsp;VanEck Oil Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) and&nbsp;IShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>).
Price Action: BKR shares are up 1.33% at $35.69 at the last check Monday.
Photo via Shutterstock
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<li><a href="https://www.benzinga.com//node/40548944" target="_blank" rel="noreferrer noopener">Morgan Stanley Slashes Global Oil Demand Growth Forecast For 2024: Report</a></li>
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Media

Baker Hughes Says US Oil And Gas Rig Count Declines For Second Week: Report

Halliburton Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>) shares are trading nearly flat today. On Wednesday, the company was reportedly hit by a cyberattack.
The attack affected operations at Halliburton&#8217;s north Houston campus, and some global connectivity networks, reported Reuters.
Halliburton acknowledged a system issue and said it is working with &#8220;leading external experts&#8221; to resolve the problem, per the report, which cited a spokesperson&#8217;s emailed statement. Halliburton has instructed some staff not to connect to internal networks.
Last month, Halliburton reported second-quarter revenue of $5.833 billion, which missed the $5.949 billion consensus, and EPS of $0.80, <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39885917/halliburton-lowers-2024-outlook-analysts-forecast-more-muted-2025" rel="noreferrer noopener">which was&nbsp;in line with the consensus.</a>
There have been some cyberattack incidents in recent times. This month, Google confirmed that a group linked to Iran&#8217;s Revolutionary GuarIran&#8217;sbeen attempting to breach the personal email accounts of individuals associated with the US presidential campaigns of President Joe Biden and <a target="_blank" href="https://www.benzinga.com/news/24/08/40387430/google-confirms-iranian-hackers-linked-to-revolutionary-guard-targeted-trump-biden-and-harris-campai" rel="noreferrer noopener">former President&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/24/08/40387430/google-confirms-iranian-hackers-linked-to-revolutionary-guard-targeted-trump-biden-and-harris-campai" rel="noreferrer noopener">Donald Trump</a>.
Investors can gain exposure to HAL via&nbsp;VanEck Oil Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) and&nbsp;IShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>).
Price Action: HAL shares are trading flat at at $31.21 at the last check Thursday.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Halliburton's North Houston Campus Affected by Cyberattack: Report

Halliburton Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>) shares are trading lower after the company reported second-quarter&nbsp;2024 revenue of&nbsp;$5.833 billion,&nbsp;missing the <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39856421/halliburton-announces-second-quarter-2024-results" rel="noreferrer noopener">consensus of&nbsp;$5.949 billion</a>.
Completion and Production revenue was&nbsp;$3.4 billion, flat Q/Q. Revenue growth from increased completion tool sales and stimulation activity abroad, as well as improved well-intervention services, was offset by lower stimulation and completion tool sales in the U.S. and decreased artificial lift services in North America.
Drilling and Evaluation revenue came in at $2.4 billion, flat Q/Q. Results benefitted from increased drilling services in Europe, North America, and Asia, higher wireline activity in the Western Hemisphere and Europe, and a rise in international testing services.
HAL&#8217;s North&nbsp;America&nbsp;revenue fell&nbsp;3%&nbsp;Q/Q to&nbsp;$2.5 billion&nbsp;due reduced pressure pumping services in U.S. land and lower activity in the Gulf of Mexico.
International revenue was&nbsp;$3.4 billion, an increase of&nbsp;3%&nbsp;Q/Q, with revenue from Latin America&nbsp;flat Q/Q, Europe/Africa&nbsp;+4% Q/Q,&nbsp;and Middle East/Asia&nbsp;+5% Q/Q.
Operating income stood at $1.032 billion (+5% Q/Q), with an operating margin of about 18% in the quarter.
EPS of $0.80 was <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">in line with the consensus.</a>
The company repurchased ~$250 million of its common stock during the quarter.
Operating cash flow stood at&nbsp;$1.1 billion&nbsp;for the quarter, and free cash flow was&nbsp;$800 million.
Jeff Miller, Chairman, President, and CEO, said, &#8220;In our international markets we see strong demand for Halliburton&#8217;s services, high activity levels, and equipment tightness across all major basins.&#8221;
Investors can gain exposure to the stock via VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) and IShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>).
Price Action: HAL shares are down&nbsp;4.53%&nbsp;at&nbsp;$34.80 premarket&nbsp;at&nbsp;the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons

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