As the Q1 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the oilfield services industry, including Borr Drilling (NYSE: BORR) and its peers.

Oilfield services companies provide equipment, technology, and services enabling exploration and production activities, including drilling, completion, well intervention, and reservoir evaluation. Their fortunes closely track upstream capital spending cycles. Tailwinds include increased drilling activity during favorable commodity environments, demand for efficiency-enhancing technologies, and growing offshore and unconventional resource development. Headwinds include significant revenue volatility tied to oil and gas price swings and producer spending discipline. Intense competition pressures pricing and margins, while the energy transition may structurally reduce long-term demand. Workforce availability and technological disruption require continuous adaptation.

The 26 oilfield services stocks we track reported a strong Q1. As a group, revenues beat analysts’ consensus estimates by 3.8%.

While some oilfield services stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 1.8% since the latest earnings results.

Weakest Q1: Borr Drilling (NYSE: BORR)

Operating one of the world's youngest jack-up fleets with an average age under eight years, Borr Drilling (NYSE: BORR) operates jack-up rigs that drill oil and gas wells in shallow waters up to 400 feet deep for exploration and production companies.

Borr Drilling reported revenues of $247 million, up 14% year on year. This print fell short of analysts’ expectations by 2.1%. Overall, it was a disappointing quarter for the company with a significant miss of analysts’ EBITDA and EPS estimates.

Borr Drilling delivered the weakest performance against analyst estimates of the whole group. The market seems disappointed with the results as the stock is down 26.7% since reporting and currently trades at $4.53.

Read our full report on Borr Drilling here, it’s free.

Best Q1: Select Water Solutions (NYSE: WTTR)

Managing over 24 billion barrels of produced water annually across major U.S. shale plays, Select Water Solutions (NYSE: WTTR) provides water sourcing, recycling, disposal, and treatment services for oil and gas producers.

Select Water Solutions reported revenues of $366 million, down 2.3% year on year, outperforming analysts’ expectations by 6.8%. The business had an incredible quarter with a beat of analysts’ EPS and EBITDA estimates.

The market seems happy with the results as the stock is up 7.7% since reporting. It currently trades at $18.58.

Is now the time to buy Select Water Solutions? Access our full analysis of the earnings results here, it’s free.

Helmerich & Payne (NYSE: HP)

Operating the largest fleet of super-spec rigs in North America with technology that can drill horizontal wells over two miles long, Helmerich & Payne (NYSE: HP) provides drilling rigs and crews to oil and gas companies that need wells drilled to extract hydrocarbons from underground.

Helmerich & Payne reported revenues of $932.4 million, down 8.2% year on year, falling short of analysts’ expectations by 1.9%. It was a disappointing quarter as it posted a significant miss of analysts’ EPS and EBITDA estimates.

The stock is flat since the results and currently trades at $39.62.

Read our full analysis of Helmerich & Payne’s results here.

Bristow Group (NYSE: VTOL)

Operating what's essentially an airborne taxi service for some of the world's most remote workplaces, Bristow Group (NYSE: VTOL) operates helicopters that transport workers to offshore oil and gas platforms and conduct search and rescue operations.

Bristow Group reported revenues of $388.7 million, up 10.9% year on year. This result topped analysts’ expectations by 1.1%. Taking a step back, it was a softer quarter as it recorded a significant miss of analysts’ EBITDA and EPS estimates.

The stock is down 12.6% since reporting and currently trades at $42.76.

Read our full, actionable report on Bristow Group here, it’s free.

Liberty Energy (NYSE: LBRT)

Operating approximately 40 active fleets across North America's most productive shale basins, Liberty Energy (NYSE: LBRT) provides hydraulic fracturing services that help oil and gas companies extract resources from shale formations.

Liberty Energy reported revenues of $1.02 billion, up 4.5% year on year. This print beat analysts’ expectations by 6.7%. Overall, it was an incredible quarter as it also recorded a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

The stock is down 4% since reporting and currently trades at $28.25.

Read our full, actionable report on Liberty Energy here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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