Enercom San Francisco OUTLOOK FOR OILFIELD EQUIPMENT & SERVICES – Spears & Associates

Spears & Associates · Feb 22, 2012 · 16 slides

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PREPARED FOR Enercom San Francisco 2012 By Spears & Associates, Inc. OUTLOOK FOR OILFIELD EQUIPMENT & SERVICES
Global drilling hits record in 12 Assumes 4,000 4 gas & International 95 oil. 3,500 Canada 3,000 US Drilling Rigs 2,500 2,000 1,500 1,000 500 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012…
Global Oilfield Market Only 2 years without 350,000 record spending 300,000 250,000 Millions 200,000 150,000 100,000 50,000 - 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Source: 2011 Oilfield…
3 Largest Oilfield Markets More money is spent on pressure pumping than on anything else. 45,000 40,000 35,000 30,000 Millions 25,000 Pressure Pumping 20,000 Offshore Drilling Offshore Construction 15,000 10,000 5,000…
US oilwell drilling by quarter 95 10000 94 Oil Oil 9000 8000 79 7000 Oil 62 6000 Oil 5000 4000 3000 2000 1000 0 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4…
US gaswell drilling by quarter 10000 9000 8000 7000 3.80 4.30 4.00 2.50 6000 Gas Gas Gas Gas 5000 4000 3000 2000 1000 0 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12…
US horizontal wells are growing Oil Wells 20000 18000 16000 Gas Wells 14000 12000 10000 8000 6000 4000 2000 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Horizontal drives frac demand 20000 16,000 18000 14,000 Horizontal Wells 16000 10 US Frac Firms 12,000 Frac Sales - millions 14000 12000 10,000 10000 8,000 8000 6,000 6000 4,000 4000 2000 2,000 0 - 2003 2004 2005…
Pressure pumping 50b in 2012 50,000 HAL 45,000 Others 29% 33% 40,000 35,000 30,000 BHI SLB Millions 16% 22% 25,000 20,000 15,000 10,000 5,000 - 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012…
Quarterly sales of 5 frac firms 4,000 3,500 2008 through 2011 3,000 Sales (millions) 2,500 2,000 1,500 1,000 500 0 2008 2009 2011 2010 Source: Spears & Associates research
Frac HHP 18 million in 2012 20,000,000 HAL 18,000,000 19% 16,000,000 SLB 14,000,000 Others 14% 55% 12,000,000 BHI 10,000,000 12% 8,000,000 6,000,000 4,000,000 2,000,000 0 2003 2004 2005 2006 2007 2008 2009 2010 2011…
Hydraulic fracturing pricing (US) 1.40 1.20 1.00 Q1 2008 = 1.00 0.80 0.60 0.40 0.20 0.00 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4…
North American Frac Market Annual Frac Market Quarterly Frac Market 35 9 8 30 7 25 6 20 5 Billions Billions 15 4 3 10 2 5 1 0 0 2010 2011 2012 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Source: Spears & Associates…
Proppant market is changing 4,500 4,000 3,500 Ceramic 3,000 Resin Millions 2,500 Sand 2,000 1,500 1,000 500 - 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Source: Spears & Associates research
Main Points Global drilling..+10% in 2012 Oilfield spending+11% in 2012 Frac spending.... +20% in 2012 Quarterly frac.transition year
Spears & Associates, Inc. Spears & Associates is an oilfield equipment and service market consulting company. We were founded in 1965 and currently have 400 clients around the world. About half are oilfield service companies and steel…

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