April 12 Oilfield services company Hunting Plc
said on Wednesday its revenue for the first quarter had
been ahead of management's expectations due continued higher
activity levels in US shale sector.
The company reported a positive EBITDA of $5.5 million for
the first quarter ended March 31.
U.S. drillers added oil rigs for a 12th week in a row,
extending the recovery into an 11th month as energy companies
boost spending on new production to take advantage of a recovery
in crude prices, energy services firm Baker Hughes Inc
said April 7.
More than half of the rigs added since the recovery started
in June after crude prices first topped $50 a barrel were in the
Permian basin, the nation's biggest shale oil formation located
in west Texas and eastern New Mexico.
Drillers last week added 12 rigs there, bringing the total
up to 331, the highest since February 2015.
(Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Sunil