2026년 2월 11일 · Unknown · financial · 출처 Yahoo Finance
The U.S. shale revolution is widely considered one of the most significant energy, economic, and industrial transformations in American history. By combining horizontal drilling and hydraulic fracturing (fracking) to unlock massive oil and gas reserves from shale rock, the energy revolution reversed decades of declining production, transformed the U.S. into the world's top oil and natural gas producer and a net exporter of oil while reshaping global energy markets.
The U.S. shale revolution more than doubled total U.S. petroleum and other liquids production, rising from 9.1 million barrels per day (bpd) in 2009 to nearly 23 million bpd in 2025, while natural gas production grew by over 40% to 37.72 trillion cubic feet (Tcf), or about 103.07 billion cubic feet per day (Bcf/d). Unfortunately, the era of hypergrowth production by the U.S. Shale Patch is over, with mature basins like the Permian experiencing declining productivity while oil executives are prioritizing shareholder returns over production growth, leading to reduced capital investment and a focus on drilling top-tier inventory. U.S. oil drilling activity has been in a steady, long-term decline, with the number of active oil-directed rigs dropping by over 30% from late 2022 to October 2025.
Not surprisingly, the world’s largest oilfield-service providers are turning their attention to other markets as they hunt for growth. And, many are increasingly using the Middle East market to hedge their American bets thanks to the region’s ability to sustain production at lower oil prices. Here’s a look at recent comments about their production outlook.
Helmerich & Payne
Tulsa-Oklahoma-based Helmerich & Payne (NYSE: HP) reported mixed financial results for its fiscal first quarter 2026 (ended December 31, 2025), characterized by strong revenue but a significant earnings per share (EPS) miss driven by non-cash charges. Revenue of $1.02 billion exceeded expectations and marked the third consecutive quarter at or above the $1 billion level, while GAAP earnings of -$0.98 per diluted share were heavily impacted by a $103 million non-cash impairment charge.
Helmerich & Payne (H&P) views the Middle East as a primary growth driver, particularly for international shale development and increased rig demand. H&P is investing heavily in the Middle East to offset stagnation in the U.S. market, with CEO Trey Adams highlighting continued focus on building Eastern Hemisphere land exposure. The company expects to have 24 rigs operating in Saudi Arabia by mid-2026, comprising eight proprietary FlexRigs and 16 from the KCA Deutag acquisition. While bullish on the region, H&P flagged temporary "lumpy" costs related to the reactivation of rigs in Saudi Arabia, which may pressure International Solutions' margins in the short term.
Story Continues
Patterson-UTI Energy
Texas-based Patterson-UTI Energy (NASDAQ:PTEN) reported its fourth-quarter 2025 financial results on February 5, 2026, beating Wall Street expectations with a narrower-than-expected loss and higher-than-expected revenue, driven by strong performance in its Completion Services segment. Patterson-UTI Energy views the Middle East, particularly Saudi Arabia and the UAE, as
a major growth opportunity that will help offset softness in the U.S. market. The company is leveraging its U.S. unconventional expertise through a 15% stake in a joint venture with ADNOC Drilling to drill 144 wells, while also expanding its in-country, Saudi-based drill bit manufacturing.
In September 2024, Turnwell Industries, a subsidiary of Patterson-UTI, finalized a joint venture with ADNOC Drilling and SLB to drill and complete unconventional wells in the UAE. The company focused on entering the market without high initial capital expenditure, aiming to bring U.S. shale-type efficiencies to the region. The company is manufacturing drill bits in Saudi Arabia, expecting this to strengthen its position as regional growth resumes.
SLB
Similar to its peers, SLB N.V. (NYSE:SLB) views the Middle East as a primary growth driver. SLB (formerly Schlumberger) has forecast a "favorable" market with rebounds in drilling and workover activity in Saudi Arabia, potentially reaching early 2025 levels by late 2026. CEO Olivier Le Peuch cited strong opportunities in regional gas development and production capacity expansion, supported by recent major contracts in Oman and Kuwait.
SLB is focusing on unconventional gas projects, using fit-for-basin technology and digital solutions to improve efficiency. A week ago, the company secured a $1.5 billion, five-year contract with Kuwait Oil Company for development work in the Mutriba field. Additionally, two five-year contracts were awarded by Petroleum Development Oman (PDO) for wellhead and artificial lift technologies. Meanwhile, SLB is heavily investing in local manufacturing and talent, such as developing in-country gate valve production in Oman.
Weatherford
Texas-based Weatherford International (NASDAQ:WFRD) reported strong fourth-quarter and full-year 2025 results on February 3, 2026, exceeding analyst expectations for both earnings and revenue. The company saw a 5% sequential increase in Q4 revenue to $1.29 billion, driven by robust international activity, particularly in Latin America and the Middle East. The company has identified the Middle East as a primary growth engine for 2026–2027, highlighting strong opportunities in Saudi Arabia, the UAE, Kuwait, and Oman. Weatherford also expects the region to lead a rebound in activity, supported by recent major contract awards for drilling, completions, and well services.
Following a 4% sequential revenue growth in the Middle East, North Africa & Asia region in Q4 2025, the company continues to invest in the area. The company has secured major contracts in the current year, including deals with Petroleum Development Oman (PDO), Kuwait Oil Company (KOC), and Bapco Upstream in Bahrain.
Halliburton
Halliburton (NYSE: HAL) announced its…