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Baker Hughes Expects Shift to Middle East with US Work Steady

OIL DRILLING

Baker Hughes said it expects North American oilfield activity to be steady this year as interest shifts overseas according to Chief Financial Officer Nancy Buese on Monday.

  • The oilfield services provider expects overall activity in the US and Canada to remain range bound in 2023. Cost inflation is pushing customer spending up by the “mid to high double digits.”
  • More growth outside North America is expected as US producers look to keep output growth at about 5%.
  • “The Middle East retains the most promising outlook with activity scheduled to increase in multiple countries this year and likely next year,” said CEO Lorenzo Simonelli. “In North America, visibility remains limited given the current oil and gas price environment.”
  • Service provider SLB said last week it expects record spending from national oil companies in the Middle East.
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