Our Sequeira Oilfield Service Index declined 9% month-over-month to the end of February and was down 15% year-over-year.
Q4 2017 earnings for many notable Canadian oilfield service providers have now been released, including Precision Drilling which beat expectations due to strong results out of the United States. On the pressure pumping side, Trican under-performed due to a combination of extreme cold weather and unexpected completion program shutdowns by operators who overspent their budgets earlier in the year. The Canadian outlook has been somewhat tempered by weakness in AECO pricing and WCS differentials; however, the market continues to be strong for natural gas liquids.
For more information, download the Sequeira Energy Synopsis from the link below. The appendix includes a sector drill down of the Sequeira Oilfield Services Index.