E&P outlook for 2023
Report by Blueshift Research
BL
1) Blueshift's oilfield sources expect capital spending to increase 10-15% Y/Y in North America next year. 2) There is a new trend underway in E&P structural realignment that may slow the hiring of more rigs. 3) Helmerich & Payne, Patterson-UTI Energy and Precision Drilling to benefit the most from a tight drilling market in 1H23. 4) Increases in wellsite intensity to benefit integrated pressure-pumping companies such as Halliburton and Liberty Energy; ProPetro is one to watch. 5) Strong demand for offshore drilling remains intact. 6) Nabors Industries’ new robotic rig technology is gaining traction.