RBC lifts North American land rig count outlook, Halliburton PT

Civeo

21/08/2020 12:07

** RBC Capital Markets increases its U.S. land rig count
forecast for 2020 by 4% to 402 and by 19% to 307 for 2021
    ** Brokerage still expects U.S. land rig count to be down
~24% in 2021 vs. 2020 but to be up ~50% between Q4 2020 and Q4
2021
    ** Raises PT of oilfield services provider Halliburton Co
 HAL.N  to $18 from $16 to reflect co's prospects for
profitability and free cash flow
    ** Also lifts forecast for Canadian rigs by 9% to 86 for
2020 and by 16% to 90 for 2021 
    ** RBC increases international rig count forecast by 4% for
both 2020 and 2021 and expects international activity to be flat
in 2021 but up 15% between Q4 2020 and Q4 2021
    ** Brokerage cuts its U.S. frac crew count estimate by 3% to
139 for 2020 and by 5% to 102 for 2021
    ** Expects Permian Basin to continue to be most active
basin, accounting for 44% of activity in 2020 and 52% in 2021
    ** Lifts PT of frac sand miner U.S. Silica Holdings  SLCA.N 
to $4.50 from $4 and workforce accommodation provider Civeo Corp
 CVEO.N  to $1 from $0.80 
    
    

 (Reporting by Shradha Singh in Bengaluru)
 ((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223 8780
Ext: 2804, outside U.S. +91 80 6182 2630;))