RE:RE:RE:RE:RE:CIBCSchussing56 wrote: Drilling is down 32% in the United States, 19% internationally, and 1% in Canada. Catastrophic news I would say. Oil companies simply aren't investing in exploration and development anymore. They are content, it would seem, to let the renewables take over.
Yes, year over year comparing Q1. In the process of that, EBITDA was only down 8% during that same comparative period. This is a much healthier business today.
Canada Q2 is way ahead of last year; US is maintaining these sustained lower levels of activity but has real upside if gas prices get some strength; and International markets are looking strong with 25% more rigs active today versus Q1 2024 (at much higher day rates).
Reality is in a flat market ESI will do well. If we see gas and Lower 48 activity pick up, they're going to fare extremely well. IMO.