Offshore Drilling Grows as US Shale Gets Left Behind
International markets are in the midst of a multiyear expansion in capital spending.
Machinery used to fracture shale formations idles near Mentone, Texas.
Photographer: Matthew Busch/BloombergWelcome to Energy Daily, our guide to the energy and commodities powering the world economy. Today, reporter David Wethe looks at why American oil-services companies are pivoting overseas for growth. For more on how US heat-pump makers are drumming up business, read this. To get this newsletter in your inbox, sign up here.
One of the primary oil themes in recent years is the US ascendancy to become the world’s largest producer. But the industry’s biggest contractors are looking elsewhere for growth.