These should be good times for oilfield service providers. Big energy producers, having initially opted to take advantage of the crude price rally to repair their balance sheets and return money to shareholders, are finally expanding again.
Yet for companies that carry out the grunt work of drilling and servicing oil and gas wells, more business has not brought any cash gushers. Rising overheads, supply chain issues and losses related to Russia have choked off earnings.
Baker Hughes provides an example. One of the big three US oil servicers, its shares tumbled as much as 11 per cent on Wednesday, nearly wiping out its year-to-date gain. Its second-quarter results fell well short of Wall Street expectations.
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