After suffering through a wave of bankruptcies during the covid pandemic, the oilfield services sector is bouncing back in a big way as the world attempts to boost oil production. Executives at oilfield service companies are preparing for a multi-year upcycle, with demand for their drilling services already outpacing supply, allowing them to increase pricing and profits. The major hurdle currently being faced in the sector is a labor shortage, with the industry losing a lot of its workers during the 2020 downturn. Oilfield services providers are confident that a prolonged upcycle will keep them very busy in coming years as the U.S. shale patch returns to growth and international drilling activity struggles to compensate for barrels likely to be lost from Russia. As service providers reported first-quarter earnings last month, their top executives noted that the current tightness in oil and gas markets, in North America and internationally, […]