US Energy Services 2Q Earnings Preview: Caught in the Middle

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US Energy Services 2Q Earnings Preview: Caught in the Middle

Equity Research

15 July 2026

US Energy Services 2Q Earnings Preview

Caught in the Middle

In the crosshairs of geopolitics and oil prices, the sector is in

wait and see mode. Expect positive tones on the Middle East

rebuild, but with uncertain timing the focus should be on the U.S. Energy Services & Technology POSITIVE

Unchangeddeepwater renaissance, NAM pricing and hyperscaler power;

most potential for earnings revisions: FTI, HAL, SEI U.S. Energy Services & Technology

J. David Anderson, CFA

+1 212 526 4016

With 2Q earnings season set to kick off next week, the Energy Services sector remains jdavid.anderson@barclays.com

stuck in transition as oil price volatility and geopolitical uncertainty is weighing on the BCI, US

upstream spending cycle. While we expect the tone on the calls to be positive with optimism Eddie Kim

for higher spending in 2027, many customer plans are in wait-and-see mode until the Strait of +1 212 526 9920

Hormuz situation stabilizes. Its been a wild ride for service stocks this year, whipsawed by eddie.kim@barclays.com

geopolitics and oil prices which fell more than we expected after the cease-fire went into effect. BCI, US

Interestingly, the OIH has only fallen 5% since the end of 1Q (vs. Brent down 28%), suggesting Andre Schlatter

investors are trying to look towards 2027, which only looks better the longer the conflict goes +1 212 526 6368

on. Unfortunately, the collapse of the deal and the Strait of Hormuz once again under blockade andre.schlatter@barclays.com

is a reminder to investors that it could take a while until there is an “all clear” signal, which BCI, US

could keep some investors on the sidelines until the fall. Service CEOs will also be more