SLB taking home the prize in $8.2B ChampionX acquisition

Enverus Blog - Coterra’s big Permian projects defy degradation worries

In the biggest oilfield services transaction since 2016, SLB agreed to acquire ChampionX Corp. for $7.76 billion in stock, bringing an industry leader in production chemicals into the OFS giant’s fold. ChampionX’s $420 million in net debt brings the transaction to an $8.18 billion enterprise value.

Gas players approach weak pricing with operational flexibility

Enverus Press Release - The surprisingly balanced global LNG market

Natural gas prices are setting up E&P companies operating in gas plays for a challenging 2024, maybe more challenging than they expected. On March 20, the 12-month strip settled at $2.71/MMBtu, down from more than $3.00/MMBtu when the year started, and the front-month settled at $1.70/MMBtu. The warm winter and growing associated gas production have pushed gas storage volumes 41% above the five-year average and 21% higher than this time last year, at 2.33 Tcf as of March 15.

U.S. day rates revive after December slumber

operators

All seven regions covered by the Enverus Day Rate Survey saw rates rise sequentially for the second time in three months in January as confidence started to strengthen among U.S. land drilling contractors.

OFS firms feel aftershocks after Saudis pull back expansion

ofs-blog

SLB has reaffirmed its 2024 financial guidance, part of an effort by international oilfield services companies to reassure investors after the Saudi Ministry of Energy called off plans to increase its maximum sustainable capacity by 1 MMbo/d to 13 MMbo/d by 2027.

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