Parker Drilling CEO Visits TPH

Casey ColelloLatest News

With investors acutely focused on North American oilfield activity as of late, we enjoyed the opportunity hear from the lead executive of global oilfield services provider PKD (rental tools, specialized int’l and U.S. drilling services; ~70% of revenue generated internationally). Following a 25-year career at Baker Hughes, Mr. Rich joined the Parker team in 2012 and hit the ground running with the acquisition of International Tubular Services (int’l rental tools company) shortly after his arrival in April 2013. From a management perspective, Mr. Rich shared his desire to instill a more returns-oriented culture into PKD’s DNA via aligning management incentives with generating attractive ROCE (a key driver of OFS stock performance historically), focusing on economies-of-scale in int’l drilling geo-markets, targeting expansion of O&M business, etc. Won’t happen overnight as the current pricing environment internationally is challenging to say the least, but we like the strategic direction in which this company is headed going forward.

David Orr, Gary Rich, Dave Pursell