Reporting Period: July 21–27, 2026
Regions: North America and the Middle East
The latest oilfield products news from North America and the Middle East included updated U.S. and Canadian drilling activity, a $6.2 billion offshore gas investment by ADNOC, quarterly results from Halliburton, SLB and Baker Hughes, and new figures covering LNG equipment, offshore drilling and Middle East oilfield activity.
Weekly Oilfield News Summary
| Date | Region | Development | Confirmed Information |
| July 21 | UAE | ADNOC approves Umm Shaif Gas Cap development | The project has a total investment value of $6.2 billion and includes offshore infrastructure and a 14-well drilling program. |
| July 21 | North America and Middle East | Halliburton reports Q2 results | Revenue reached $5.71 billion. North American revenue was flat year on year, while activity remained lower in Kuwait, Iraq and Qatar. |
| July 24 | United States | U.S. rig count decreases to 587 | Oil rigs fell to 450, gas rigs increased to 127 and miscellaneous rigs remained at 10. |
| July 24 | Canada | Canadian rig count increases to 204 | Canada added six rigs and remained 22 rigs above the comparable 2025 level. |
| July 24 | North America and Middle East | SLB reports Q2 results | Revenue reached $8.97 billion. North American revenue increased 36%, while Middle East and Asia revenue fell 14%. |
| July 26–27 | Global and North America | Baker Hughes reports Q2 results | Total orders reached a record $10.5 billion, including $7.1 billion in industrial and energy technology orders. |
U.S. Rig Count Stands at 587
The U.S. oil and gas rig count decreased by one to 587 rigs during the week ending July 24, according to Baker Hughes data.
Oil-directed rigs decreased by two to 450. Gas-directed rigs increased by one to 127, while miscellaneous rigs remained unchanged at 10.
The total U.S. rig count was 45 rigs higher than the comparable week in 2025. One week earlier, the U.S. count had reached 588 rigs, its highest level since April 2025.
Canadian Rig Count Rises to 204
Canada’s active rig count increased by six to 204 rigs during the week ending July 24.
The Canadian count was 22 rigs higher than the corresponding week in 2025. The combined U.S. and Canadian rig count reached 791 active rigs.
Halliburton Reports $5.71 Billion in Quarterly Revenue
Halliburton reported second-quarter revenue of $5.71 billion and adjusted earnings of 55 cents per share.
The company stated that its North American revenue remained flat compared with the previous year. Lower Gulf of Mexico drilling activity and reduced specialty-chemical activity following the sale of part of its chemicals business offset gains in other North American operations.
Halliburton reported lower activity in Kuwait, Iraq and Qatar during the quarter. The company stated that land well-construction activity was generally stable across the Middle East, except for disruptions in Iraq and Bahrain. Offshore activity increased but remained below pre-conflict levels.
For the third quarter, Halliburton forecast that Completion and Production revenue would be flat or decrease by up to 2% sequentially. Drilling and Evaluation revenue was forecast to decrease by between 3% and 5%.
SLB Reports Higher North American Revenue
SLB reported second-quarter revenue of $8.97 billion, an increase of 5% from the previous year. Adjusted earnings were 55 cents per share.
North American revenue increased by 36% year on year. SLB attributed the increase to stronger activity in production and recovery operations, including the contribution of businesses acquired through ChampionX, and activity in the U.S. market.
Revenue from the Middle East and Asia decreased by 14% to $2.57 billion. SLB reported that the decline was connected with lower activity and operational disruptions in the Middle East, including constraints in Iraq.
SLB stated that activity was increasing in the UAE, Qatar and parts of Saudi Arabia. The Middle East represented approximately 34% of SLB’s 2025 revenue.
The company forecast global third-quarter revenue growth of between 3% and 4% sequentially under its base-case operating scenario.
ADNOC Approves $6.2 Billion Umm Shaif Gas Cap Project
ADNOC announced a final investment decision for the Umm Shaif Gas Cap development offshore Abu Dhabi. The project has a total investment value of AED22.6 billion, or $6.2 billion.
ADNOC is developing the project with TotalEnergies, Eni and China National Petroleum Corporation.
The development is designed to produce more than 600 million standard cubic feet per day of natural gas and associated gas liquids. Production is scheduled to begin by 2030.
The project includes three engineering, procurement and construction contracts with a combined value of AED18.8 billion, or $5.1 billion. The contracts cover the development of offshore infrastructure.
A separate drilling program has a value of AED1.3 billion, or $365 million. It covers 14 wells over an 18-month period. ADNOC Drilling will execute the program using three existing drilling rigs.
Baker Hughes Records $10.5 Billion in Orders
Baker Hughes reported second-quarter revenue of $6.74 billion and adjusted net income of $640 million.
Total company orders increased by 49% year on year to a record $10.5 billion. The Industrial and Energy Technology segment recorded $7.1 billion in orders, also a quarterly record.
Baker Hughes reported remaining performance obligations of $40.1 billion, including $37.1 billion associated with its Industrial and Energy Technology business.
The company stated that demand remained strong for LNG equipment, gas infrastructure, power generation and upstream energy projects.
Baker Hughes also confirmed that Venture Global placed an order for 12 LNG trains for the proposed expansion of the CP2 LNG project in Louisiana.
The proposed trains would add approximately 11.7 million tonnes per year of LNG capacity. If completed, the CP2 facility could reach peak production capacity of nearly 47 million tonnes per year. Venture Global had not taken a final investment decision on the additional trains as of July 27.
Oilfield Service Spending and Middle East Operations
Baker Hughes stated that global oil and gas producer spending was expected to decline modestly during 2026.
The company reported growth in North American onshore activity, Latin America and offshore Africa. This growth was expected to be offset by lower spending in Europe and the Middle East.
Baker Hughes estimated that disruptions in the Middle East could reduce third-quarter Industrial and Energy Technology revenue by between 1% and 2%. The company also reported logistics and inflationary pressure at some regional facilities.
ESP, Chemical Injection, OCTG and Completion Tools
The quarterly disclosures published by Halliburton, SLB and Baker Hughes during the reporting period included activity in completion and production systems, drilling services, production recovery, specialty chemicals, LNG equipment and offshore operations.
No material standalone public contract specifically covering ESP systems, chemical-injection mandrels, capillary tubing, OCTG supply or individual completion-tool products was identified in the reviewed North American and Middle Eastern announcements during July 21–27.
Oilfield Standards and Certification Updates
API published updated July 2026 requirements for the API Monogram Licensing Program, APIQR Registration Program, and API Repair and Remanufacture Licensing Program.
API also published a July 2026 notification covering its remote-audit option for certification and licensing programs.