As the Q1 earnings season wraps, let’s dig into this quarter’s best and worst performers in the oilfield services industry, including Noble Corporation (NYSE:NE) and its peers.
Oilfield services companies provide equipment, technology, and services enabling exploration and production activities, including drilling, completion, well intervention, and reservoir evaluation. Their fortunes closely track upstream capital spending cycles. Tailwinds include increased drilling activity during favorable commodity environments, demand for efficiency-enhancing technologies, and growing offshore and unconventional resource development. Headwinds include significant revenue volatility tied to oil and gas price swings and producer spending discipline. Intense competition pressures pricing and margins, while the energy transition may structurally reduce long-term demand. Workforce availability and technological disruption require continuous adaptation.
The 26 oilfield services stocks we track reported a strong Q1. As a group, revenues beat analysts’ consensus estimates by 3.8%.
In light of this news, share prices of the companies have held steady as they are up 2% on average since the latest earnings results.
Noble Corporation (NYSE:NE)
With origins dating back over a century to 1921, Noble Corporation (NYSE:NE) operates drilling rigs that oil and gas companies charter to drill wells in deep ocean waters and shallow seas.
Noble Corporation reported revenues of $785.7 million, down 10.2% year on year. This print exceeded analysts’ expectations by 6.8%. Overall, it was an incredible quarter for the company with a beat of analysts’ EPS andEBITDA estimates.
Robert W. Eifler, President and Chief Executive Officer of Noble, stated, “We commenced 2026 with solid operational and financial results. Commercial momentum remains brisk, highlighted by the Noble Courage’s three year extension with Petrobras and the Noble Deliverer’s five-well program with Woodside. We remain intensely focused on project execution, with several important contract commencements scheduled over the course of this year, each of which is progressing well.”
Noble Corporation Total Revenue
Interestingly, the stock is up 5% since reporting and currently trades at $52.
Managing over 24 billion barrels of produced water annually across major U.S. shale plays, Select Water Solutions (NYSE:WTTR) provides water sourcing, recycling, disposal, and treatment services for oil and gas producers.
Select Water Solutions reported revenues of $366 million, down 2.3% year on year, outperforming analysts’ expectations by 6.8%. The business had an incredible quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.
Select Water Solutions Total Revenue
The market seems happy with the results as the stock is up 9.7% since reporting. It currently trades at $18.93.
Operating one of the world’s youngest jack-up fleets with an average age under eight years, Borr Drilling (NYSE:BORR) operates jack-up rigs that drill oil and gas wells in shallow waters up to 400 feet deep for exploration and production companies.
Borr Drilling reported revenues of $247 million, up 14% year on year, falling short of analysts’ expectations by 2.1%. It was a disappointing quarter as it posted a significant miss of analysts’ EBITDA and EPS estimates.
Borr Drilling delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 9.4% since the results and currently trades at $5.60.
What began in 1926 with two brothers logging the first electrical measurements in a well, SLB (NYSE:SLB) provides technology and services to help oil and gas companies locate reservoirs, drill wells, and produce hydrocarbons.
SLB reported revenues of $8.72 billion, down 6.3% year on year. This number topped analysts’ expectations by 1%. However, it was a slower quarter as it recorded a miss of analysts’ EBITDA estimates.
The stock is up 4.5% since reporting and currently trades at $57.21.
With roots dating back to the first commercial oil boom, Core Laboratories (NYSE:CLB) analyzes rock and fluid samples from oil and gas reservoirs to help energy companies optimize production and recovery.
Core Laboratories reported revenues of $121.8 million, down 1.4% year on year. This result beat analysts’ expectations by 0.7%. More broadly, it was a disappointing quarter as it logged a significant miss of analysts’ EBITDA and EPS estimates.
The stock is down 17.8% since reporting and currently trades at $14.22.
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