Core Viewpoint - Antong Oilfield Services (03337) has experienced a significant stock price increase of 9.92% following the announcement of a profit forecast for 2025, indicating strong growth potential for the company [1][4]. Financial Performance - The company anticipates a profit attributable to equity holders of approximately RMB 360 million to RMB 380 million for 2025, representing a substantial year-on-year increase of 48.4% to 56.6% [1][4]. - The reduction in financial expenses is attributed to the completion of the repayment of all maturing US dollar debts in January 2025, leading to a significant decrease compared to the same period last year [1][4]. Business Expansion - The growth in profit is primarily driven by the ongoing expansion of the company's global operations and the deepening of its Amoeba management approach, which has led to continuous growth in business scale, revenue, and gross profit [1][4].

经济观察网 基于截至2026年2月初的公开信息，中海油田服务（股票代码：601808.SH/02883.HK）有以 下值得关注的事件动态，主要涉及公司战略规划、业务进展和财务展望。以下内容整理自公司公告及机 构分析报告。 战略推进 中海油服（601808）在2026年战略指引中披露，当年资本性开支预计约为84.4亿元，较2025年增长约10 亿元，资金将重点投向装备投资与更新改造、技术研发投入及基地建设，以衔接"十四五"与"十五五"规 划。其中，新船购置是开支增长的主因，装备维护升级部分预计增至35-40亿元。公司同时目标在2026 年将体系收费覆盖度从50%提升至80%，并推动单位工作量总成本同比下降2-5%。 业务进展情况 挪威和巴西的海外项目成为业绩增长亮点。根据Upstream报道，COSL Innovator平台已在Equinor的 Arkenstone天然气区块作业，COSL Prospector也在Vikingskipet区块展开作业，相关订单有望延续至2028 年。此外，南海8号钻井平台在巴西的合同日费率为14.7万美元，其利润贡献预计在2026年显现。母公 司中海油进入"十五五"资本开支周期 ...

机构观点机构对斯伦贝谢盈利前景保持审慎。2026年2月，33家覆盖机构中82%维持"买入或增持"评 级，目标均价54.71美元，较当前股价溢价有限。市场预期2026年第一季度每股收益同比下滑17.85%， 净利润同比下滑11.35%，反映行业成本压力及需求不确定性。投行Evercore ISI在1月7日将评级从"与大 盘持平"上调至"跑赢大盘"，目标价54美元，看好国际油田开支增长前景。公司预计2026年营收在369亿 至377亿美元之间，计划向股东返还超40亿美元。 以上内容基于公开资料整理，不构成投资建议。 经济观察网美国财政部宣布允许美国公司向委内瑞拉提供石油生产设备和技术，斯伦贝谢作为被点名的 油田服务公司直接受益于这一政策松绑。同日，斯伦贝谢获阿曼石油开发公司两份五年期合同，为阿曼 6号区块提供井口设备及人工举升技术，旨在提升采收率和本地制造产能。此外，2月11日为除权除息 日，每股派息0.295美元，除息机制对当日股价形成一定压制。 股票近期走势近7个交易日(2月5日至12日)，斯伦贝谢股价区间振幅达7.86%，累计上涨2.45%。2月5日 股价大跌3.58%至49.22美元，反映市场对地缘政治风 ...

Core Viewpoint - Antonoil Services (03337) expects a significant increase in profit attributable to equity holders for the year ending December 31, 2025, projected to be between RMB 360 million and RMB 380 million, representing a growth of 48.4% to 56.6% compared to RMB 242.6 million for the year ending December 31, 2024 [1] Group 1 - The profit growth is primarily driven by the continuous expansion of the company's global business and the deepening of its Amiba management approach, leading to an increase in business scale, revenue, and gross profit [1] - The company completed the full repayment of its US dollar bonds in January 2025, resulting in a significant decrease in financial expenses compared to the same period last year [1]

格隆汇2月12日丨安东油田服务(03337.HK)公告，预期集团截至2025年12月31日止年度的权益持有人应 占利润约为人民币360.0百万元至人民币380.0百万元，将较截至2024年12月31日止年度的权益持有人应 占利润约人民币242.6百万元大幅增长48.4%至56.6%。 该增长主要得益于：1)随着集团全球化业务的持续拓展及阿米巴经营的持续深化，集团业务规模持续拓 展，收入及毛利持续增长；2)集团于2025年1月完成美元债的全部到期偿付，财务费用较去年同期大幅 下降。 ...

行业政策与环境 经济观察网哈里伯顿2025年第四季度营收56.57亿美元，调整后每股收益0.69美元，均超市场预期。2026 年2月4日，该股成交额达5.99亿美元，股价报34.34美元，当日上涨1.39%。 公司2025年第四季度国际业务收入同比增长2.9%至35亿美元。 未来发展 公司通过招聘信息释放可能重返委内瑞拉市场的信号。此外，公司与Volta Grid合作开发数据中心分布 式发电解决方案，计划于2028年在中东交付400兆瓦模块化天然气系统；并与壳牌签署无脐带管悬挂器 服务协议，获得尼日利亚海上气田钻探合同。 业绩经营情况 中东地缘政治局势可能影响全球油气需求与供应链，进而波及油田服务行业。 以上内容基于公开资料整理，不构成投资建议。 ...

经济观察网2026年2月11日，美国财政部宣布允许美国公司向委内瑞拉提供石油生产设备和技术，斯伦 贝谢(SLB.N)作为被点名的油田服务公司直接受益于这一政策松绑。同日，公司股价冲高至51.88美元 (单日最高点)，但收盘涨幅收窄至2.20%，报51.12美元，呈现"冲高震荡"态势。近7个交易日(2月5日至 11日)，股价区间振幅达6.86%，累计涨幅仅0.14%，显示利好并未完全转化为持续上涨动力。 股价异动原因 政策公布前后，市场情绪与技术面共同影响股价：政策预期消化：2月5日股价大跌3.58%(收盘49.22美 元)，部分反映市场对地缘政治风险的谨慎；2月6日反弹2.40%后，2月9-10日连续小幅回调(累计跌幅 0.76%)，表明资金在利好落地前已部分博弈。除息日压力：2月11日为除权除息日，每股派息0.295美 元，除息机制天然压制当日股价涨幅。板块与大盘环境：同期油气设备与服务板块涨幅1.11%，但道琼 斯指数下跌0.42%，纳斯达克指数下跌0.78%，大盘疲软制约个股上行空间。 机构观点 尽管政策利好，机构对斯伦贝谢的盈利前景保持审慎：评级稳定：2026年2月，33家覆盖机构中82%维 持"买入 ...

Core Viewpoint - RPC, Inc. reported its fourth quarter financial results for 2025, missing earnings expectations but exceeding revenue forecasts, indicating strong sales performance in a competitive oilfield services market [1]. Financial Performance - The earnings per share (EPS) for RPC was $0.04, below the Zacks Consensus Estimate of $0.07, representing a -42.86% earnings surprise and a decrease from $0.06 in the same quarter the previous year [2]. - Revenue for the quarter ending December 2025 was $425.8 million, surpassing the Zacks Consensus Estimate of $419.3 million by 0.18%, and showing a significant increase from $335.36 million reported in the same period the previous year [3]. Market Position - RPC has a price-to-earnings (P/E) ratio of approximately 25.03, a price-to-sales ratio of about 0.79, and an enterprise value to sales ratio of around 0.73, reflecting its market valuation relative to earnings and sales [4]. - The company maintains a low debt-to-equity ratio of roughly 0.07, indicating minimal debt compared to equity, and a current ratio of approximately 2.78, suggesting a strong ability to cover short-term liabilities with short-term assets [5].

Financial Data and Key Metrics Changes - Revenues decreased by 5% to $426 million compared to Q3 2025 [9] - Adjusted diluted EPS was $0.04 in the fourth quarter, with adjustments totaling $0.06 related to wireline cables and acquisition-related costs [11] - Adjusted EBITDA was $55.1 million, down from $67.8 million, with an adjusted EBITDA margin decreasing by 230 basis points to 12.9% [12] Business Line Data and Key Metrics Changes - Technical services, representing 95% of total revenues, decreased by 4% [9] - Pressure pumping revenues accounted for 27.6%, wireline for 24.1%, downhole tools for 22.4%, coiled tubing for 9.7%, cementing for 5.9%, and rental tools for 3.4% [9] - Cudd Pressure Control revenues increased by 1% sequentially, with snubbing up by 13% [5][8] Market Data and Key Metrics Changes - The Western MidCon region was flat sequentially, while weakness was noted in the International and Rocky Mountain regions [4] - The Southeast and Northeast regions experienced revenue growth [3] Company Strategy and Development Direction - The company aims to leverage its strong balance sheet and maximize long-term shareholder returns while focusing on less capital-intensive service lines [8] - There is a strategic emphasis on organic growth, investment in new technologies, and M&A within existing markets [15] Management Comments on Operating Environment and Future Outlook - Management noted that 2025 was challenging, with year-end oil prices at their lowest since COVID, but recent improvements in oil and gas prices are encouraging [15] - The company is cautious about the impact of weather on early 2026 operations, particularly in the Permian and MidCon regions [22] Other Important Information - The decision to expense wireline cables instead of capitalizing them was made due to changes in work type and increased activity [10][50] - Capital expenditures for 2026 are expected to be in the range of $150 million to $180 million, with adjustments based on activity levels [13][66] Q&A Session Summary Question: Impact of weather on Q1 performance - Management acknowledged the uncertainty due to weather impacts but noted that the situation is not insignificant [22] Question: Competitors moving equipment overseas - Management indicated some competitors are reorganizing, which may reduce competition in certain service lines [24] Question: Potential for stock buybacks - Management stated that buybacks are one of the options being evaluated, but no immediate changes are expected [25] Question: Reactivation of idled fleet - Management emphasized the need for better pricing and steady activity before reactivating the fleet [39] Question: M&A strategy in a limited buyer market - Management agreed that there is less competition for traditional oilfield services companies and emphasized a patient approach to M&A [42] Question: Updated wireline accounting treatment - Management explained the change was due to evolving work types and the need for accurate accounting treatment [50] Question: Growth potential in Thru Tubing Solutions - Management expressed hope for improvement in international markets, particularly in the Middle East, but noted it is not currently factored into forecasts [56] Question: Current state of the pressure pumping market - Management reported no dramatic changes in competition but noted ongoing discipline in pricing and operations [58]

Summary of Key Points from Conference Call Records Industry Overview - **Market Sentiment**: The market experienced increased volatility this week, with a significant decline in risk appetite. Managed healthcare and software sectors faced the largest sell-offs, while momentum indicators across various assets weakened, contributing to negative market reactions, such as a 27% drop in silver and a 9% decline in gold [1][1]. - **Asset Management Flows**: Asset management institutions recorded a net purchase of approximately $3 billion, primarily focused on select stocks within the technology and industrial sectors. In contrast, hedge funds had a net sell of about $4 billion, driven by macro product sell-offs [1][1]. Sector Performance Technology Sector - **Stock Movements**: The Nasdaq 100 index saw a slight increase of about 0.5%, but this did not reflect the significant price volatility within the sector. Major tech companies reported mixed earnings, with Meta rising 10% due to strong revenue guidance, while Microsoft fell 10% as Azure growth stabilized. Apple’s revenue exceeded expectations, but stock remained flat due to uncertainties in storage prices [3][3]. - **Software Sector**: Following disappointing earnings from companies like Microsoft and SAP, the software sector became a focal point, with the IGV index plummeting 5%, marking a record high trading volume and ending a short-term rebound for the sector [3][3]. Consumer Sector - **Performance Trends**: The consumer sector lagged behind the market, with a notable underperformance of 500 basis points over six consecutive days. Despite this, many consumer stocks reported solid EPS results [4][5]. Healthcare Sector - **Market Adjustments**: Non-therapeutic healthcare stocks faced significant pressure, particularly in the managed healthcare sector, due to the impact of MAAdvanced Notice and Tools policies exceeding expectations. The volatility in stock prices for companies like DHR and TMO was particularly pronounced as earnings season commenced [5][5]. Energy Sector - **Earnings Reports**: Major U.S. energy stocks, including ExxonMobil and Chevron, reported first-quarter earnings that surpassed market expectations. However, investors remained cautious regarding their production guidance, especially in light of challenges in Kazakhstan. The oilfield services sector saw increased attention, particularly on LBRT, which exceeded EBITDA expectations by 50% and announced new power business opportunities [5][5]. Industrial Sector - **Market Dynamics**: The industrial sector experienced its strongest start since 2010, with material stocks rising by 800 basis points. However, price volatility was influenced by macro events and geopolitical factors. Post-earnings season, performance varied, with chemical stocks showing resilience against a backdrop of weak fundamentals, while leading companies in industrial AI and defense saw declines [6][6]. Real Estate Sector - **Market Concerns**: The real estate sector was primarily affected by a 3% drop in Caterpillar (CAT), raising concerns about housing affordability transactions. This impacted related stocks, including IT and VMware, as well as others indirectly linked to the transaction [6][6]. Additional Insights - **Market Evaluation**: The market is currently assessing the transmission range of recent interest rate fluctuations, indicating a broader concern regarding economic conditions and their impact on various sectors [7][7].