MNI: 4Q25 Earnings Summary: O&G Services

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Key Themes

• Service companies report being excited and ready to get back into Venezuela, providing the proper securities and assurances are provided.
• They expect the sources of growth for the year will be international business, with US demand for OFS to hold flat until prices begin to recover.
• International-focused companies expect there to be activity increases in the Middle East, Africa, and South America for 2H26 and into 2027.
• US-focused companies highlight that activity will likely be flat with prices in the $60/bbl range but are optimistic about gas activity with LNG and power demand rising.