As the Baker Hughes rig count ticks upwards, oilfield services providers (OFS) are seeing a much-awaited revenue rebound in the heart of the United States’ most prominent drilling areas. Spending on exploration activities in the final quarter of 2016 will be approximately $1 billion higher than previously expected, according to Jud Bailey, an analyst from Wells Fargo, who made the forecast in a note to investors earlier this month. The strong recovery should carry over into 2017 – especially since the Organization of Petroleum Exporting Countries’ (OPEC) agreed on a production freeze on Wednesday that caused oil prices to spike by 20 percent. These gains will add ammunition to oilfield service providers’ demands for higher payouts than originally agreed to when markets were hyper-bearish, Samir Nangia, an analyst with the United Kingdom-based IHS Energy Insight, told Fuelfix earlier this week. West Texas Intermediate (WTI) prices have […]