Selecting the Right Pump for Oil & Gas Applications | Pumps & Systems

New Enverus AI tech will search and simplify years of research

Joseph Gyure Building on nearly 30 years of AI software implementation experience, Enverus introduced Instant Analyst technology to its product portfolio. With Enverus Instant Analyst, users can simply type in questions such as, “Can you summarize critical KPIs of the Exxon-Pioneer deal?” or “Which counties in Texas have the best solar development potential and why?” and get concise answers pulled from decades of proprietary research. Instant Analyst not only searches and summarizes a curated collection of documents, but also supplies links to source documents containing the research supporting the answer. Read more on the Live Feed.

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NexTier acquisition transformative for Patterson-UTI in Q4

Joseph Gyure In its first full quarter since closing on its acquisition of completions provider NexTier Oilfield Solutions, Patterson-UTI scored a touchdown, posting record revenue in 4Q23 of $1.58 billion. The completion services segment accounted for $1.01 billion of 4Q23’s revenue, essentially turning the drilling services segment of the second-most active rig contractor in the U.S. into a side hustle. Read more on the Live Feed.

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USAC to deploy up to 167,500 hp more compression in 2024

Joseph Gyure USA Compression Partners expects to deploy 85,000-115,000 hp of idle equipment and take delivery of 52,500 hp of new compression units in 2024. Even acknowledging global economic uncertainty, USAC believes the fundamentals behind natural gas demand will support the additions, especially after the company averaged a record 3.41 million hp generating revenue with utilization of 94.1% of its horsepower in 4Q23. Read more on the Live Feed.

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TechnipFMC to make subsea system for Shell’s 20,000 psi Sparta

Joseph Gyure TechnipFMC announced that it secured a $250-500 million contract from Shell for its first integrated EPCI project to use high-pressure subsea production systems rated up to 20,000 psi. The company will manufacture and install subsea production systems, umbilicals, risers and flowlines for Shell’s Sparta development in the Gulf of Mexico. The tree systems will be Shell’s first to be qualified for 20,000 psi applications and are engineered to meet the high-pressure requirements of this greenfield development. Read more on the Live Feed.

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Transocean sees backlog slip on meager Q4 additions

Joseph Gyure Transocean Ltd. saw its backlog decline over the past four months despite industry expectations of strong demand for offshore drilling rigs. The company’s Feb. 14 fleet status report showed a backlog of roughly $9 billion, a $400 million decline from its previous report issued Oct. 18. The latest report counted $326 million in new contracts since Oct. 18, the lowest sum for a Transocean quarterly fleet status report since its April 2022 report. Read more on the Live Feed.

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Forum upbeat about 2024 despite delay in 2023 results

Joseph Gyure Forum Energy Technologies Inc. has pushed back its 4Q23 and 2023 earnings release but downplayed the reason for the delay. The Houston-based manufacturer did preview some of its results and 2024 forecast, projecting continued growth amid a flat global market.“ Additional time is required to quantify, if any, the impact to income tax and net income from adjusting valuation allowance reserves in an international jurisdiction,” Forum said in a Feb. 19 release, postponing results to March 1. Read more on the Live Feed.

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Valaris’ backlog rises 25% in three months on contracting wave

Joseph Gyure Valaris Ltd. has secured roughly $1.2 billion in new contract backlog since Nov. 1, a sum unlike any the company has reported in some time. The offshore contract driller’s backlog as of Feb. 15 stands at $3.92 billion, up $763 million from the Nov. 1 status report and up $1.46 billion YOY. The most notable contribution to the backlog was announced in January, when Petrobras awarded the Valaris DS-4 drillship a 1,064-day contract off Brazil worth $519 million including mobilization fees and additional services. Read more on the Live Feed.

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Aramco calls off $10B-plus in EPCI tenders in Saudi pullback

Joseph Gyure Saudi Aramco notified bidders for more than $10 billion in EPCI contracts that the tenders have been canceled, according to an Upstream report. The EPCI tenders involved the expansion of the offshore Safaniya oil field, with many reportedly in the concluding phase of the process and expected to result in awards this year. The cancellations, announced in a notification to leading contractors Feb. 15, come in the wake of the Saudi Ministry of Energy’s order to suspend plans to increase the kingdom’s maximum sustainable capacity by 1 MMbo/d to 13 MMbo/d by 2027. Read more on the Live Feed.

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Equinor takes the plunge with diving contractor SubseaPartner

Joseph Gyure Norway-based diving contractor SubseaPartner secured a long-term frame agreement with Equinor for diving intervention services. The frame agreement centers on contingency preparedness for Equinor as the main user along with 23 other operating companies in the pipeline repair system and subsea intervention pool. Work under the frame agreement also includes planned activities within regular field operations, construction projects and modifications. Read more on the Live Feed.

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There are 657 active rigs in the U.S., down 1% week-over-week. See the Enverus Daily Rig Count page here.

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Navigate the Road to Net Zero with Energy Transition Research’s weekly Energy Transition Today email, released on Thursday afternoons. Check out the latest edition, “Trends in the ERCOT Generation Mix” here. Deal Insight – Eversource Exits Offshore Wind – Sells to GIP for $1.1 Billion Midstream Weekly Wrap – Targa fires up 500 MMcf/d in Permian Energy Transition Pulse – Offshore headwinds, booming BESS U.S. Emissions Stocktake – Methane Mitigation Drives Decline Geothermal Anywhere – Prioritizing Non-Conventional Project Locations Permitting, Drilling and Completion Trends – Week of 02/16/24 E&P Weekly Wrap – Haynesville E&P scales back D&C pace as low prices bite Upstream Pulse – Who really means it when they permit a Permian well? Strathcona Resources – Oil Sands Duration at a SMID-Cap Multiple