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 Liberty Energy (NYSE: LBRT) 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%.

In light of this news, share prices of the companies have held steady as they are up 3.1% on average since the latest earnings results.

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 exceeded analysts’ expectations by 6.7%. Overall, it was an incredible quarter for the company with a beat of analysts’ EPS and EBITDA estimates.

“Our first quarter results were driven by outsized demand for Liberty’s premium completions service offering, outstanding operational execution, and technology-driven efficiency gains. Revenue of $1.0 billion and Adjusted EBITDA of $126 million reflected record pumping efficiencies and high fleet utilization while absorbing the full realization of pricing headwinds and winter weather disruptions,” commented Ron Gusek, Chief Executive Officer.

Interestingly, the stock is up 12.1% since reporting and currently trades at $32.99.

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

Best Q1: World Kinect (NYSE: WKC)

Serving over 150,000 customers from commercial jets to cargo ships to heating oil consumers, World Kinect (NYSE: WKC) procures and delivers fuel and energy products to airlines, shipping companies, trucking fleets, and industrial businesses worldwide.

World Kinect reported revenues of $9.69 billion, up 2.5% year on year, outperforming analysts’ expectations by 10.4%. 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 22.8% since reporting. It currently trades at $28.90.

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

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, falling short of analysts’ expectations by 2.1%. It was a disappointing quarter as it posted a significant miss of analysts’ EBITDA and EPS estimates.

Borr Drilling delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 6.5% since the results and currently trades at $5.78.

Read our full analysis of Borr Drilling’s results here.

SLB (NYSE: SLB)

What began in 1926 with two brothers logging the first electrical measurements in a well, SLB (NYSE: SLB) provides technology and services to help oil and gas companies locate reservoirs, drill wells, and produce hydrocarbons.

SLB reported revenues of $8.72 billion, down 6.3% year on year. This result topped analysts’ expectations by 1%. However, it was a slower quarter as it produced a miss of analysts’ EBITDA estimates.

The stock is up 4.6% since reporting and currently trades at $57.28.

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

Patterson-UTI (NASDAQ: PTEN)

Operating 135 Tier-1 super-spec rigs that can handle the industry's most demanding drilling projects, Patterson-UTI (NASDAQ: PTEN) provides contract drilling rigs, hydraulic fracturing, and drill bits to oil and gas operators.

Patterson-UTI reported revenues of $1.12 billion, down 12.7% year on year. This number beat analysts’ expectations by 1.2%. Overall, it was a very strong quarter as it also put up a beat of analysts’ EPS estimates and a decent beat of analysts’ EBITDA estimates.

The stock is up 12% since reporting and currently trades at $12.11.

Read our full, actionable report on Patterson-UTI 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.

Want to invest in winners with rock-solid fundamentals? Check out our Strong Momentum Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.