What you need to know:
• We expect oilfield service stocks to continue to outperform in 2023 and beyond based on supportive oil price fundamentals, rising capex levels amongst E&Ps, and pricing power leading to margin expansion
• Despite the sector’s strong fundamental tailwinds and the probability for a multi-year commodity supercycle, oilfield service companies are still trading at trough-level multiples
Investment Thesis
Supportive Oil Prices
While we will not go in-depth on oil price funda ....

11 Jan 2023
Oilfield Services: Another Great Year Ahead
McCoy Global Inc. (MCB:TSE), 0 | Essential Energy Services Ltd. (ESN:TSE), 0 | Computer Modelling Group Ltd. (CMG:TSE), 0 | Shawcor Ltd (MATR:TSE), 0 | CES Energy Solutions Corp (CEU:TSE), 0 | Secure Energy Services Inc. (SES:TSE), 0 | STEP Energy Services Ltd. (STEP:TSE), 0 | Calfrac Well Services (CFW:TSE), 0 | Calfrac Well Services Ltd. (CFW:TSE), 0 | Trican Well Service Ltd. (TCW:TSE), 0 | Western Energy Services Corp. (WRG:TSE), 0 | Cathedral Energy Services Ltd. (CET:TSE), 0 | PHX Energy Services Corp. (PHX:TSE), 0 | Total Energy Services Inc. (TOT:TSE), 0 | Ensign Energy Services Inc. (ESI:TSE), 0 | Precision Drilling Corporation (PD:TSE), 0 | Precision Drilling Corporation (PD:TSE), 0

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Oilfield Services: Another Great Year Ahead
McCoy Global Inc. (MCB:TSE), 0 | Essential Energy Services Ltd. (ESN:TSE), 0 | Computer Modelling Group Ltd. (CMG:TSE), 0 | Shawcor Ltd (MATR:TSE), 0 | CES Energy Solutions Corp (CEU:TSE), 0 | Secure Energy Services Inc. (SES:TSE), 0 | STEP Energy Services Ltd. (STEP:TSE), 0 | Calfrac Well Services (CFW:TSE), 0 | Calfrac Well Services Ltd. (CFW:TSE), 0 | Trican Well Service Ltd. (TCW:TSE), 0 | Western Energy Services Corp. (WRG:TSE), 0 | Cathedral Energy Services Ltd. (CET:TSE), 0 | PHX Energy Services Corp. (PHX:TSE), 0 | Total Energy Services Inc. (TOT:TSE), 0 | Ensign Energy Services Inc. (ESI:TSE), 0 | Precision Drilling Corporation (PD:TSE), 0 | Precision Drilling Corporation (PD:TSE), 0
- Published:
11 Jan 2023 -
Author:
Nicholas Cortellucci, CFA -
Pages:
7 -
What you need to know:
• We expect oilfield service stocks to continue to outperform in 2023 and beyond based on supportive oil price fundamentals, rising capex levels amongst E&Ps, and pricing power leading to margin expansion
• Despite the sector’s strong fundamental tailwinds and the probability for a multi-year commodity supercycle, oilfield service companies are still trading at trough-level multiples
Investment Thesis
Supportive Oil Prices
While we will not go in-depth on oil price funda ....