Let’s dig into the relative performance of Valaris (NYSE: VAL) and its peers as we unravel the now-completed Q2 oilfield services earnings season.

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 very strong Q2. As a group, revenues beat analysts’ consensus estimates by 4.5%.

Luckily, oilfield services stocks have performed well with share prices up 11.5% on average since the latest earnings results.

Valaris (NYSE: VAL)

Operating the world's largest fleet of offshore drilling rigs across six continents, Valaris (NYSE: VAL) provides offshore drilling rigs and crews to oil and gas companies exploring and producing in deep waters and shallow seas.

Valaris reported revenues of $539.2 million, down 12.4% year on year. This print exceeded analysts’ expectations by 8%. Overall, it was an incredible quarter for the company with a beat of analysts’ EPS estimates.

Interestingly, the stock is up 12.3% since reporting and currently trades at $86.40.

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

NESR (NASDAQ: NESR)

Operating across 16 countries from Algeria to Indonesia, NESR (NASDAQ: NESR) provides oilfield services like hydraulic fracturing, cementing, and drilling to oil and gas companies.

NESR reported revenues of $520.8 million, up 59.1% year on year, outperforming analysts’ expectations by 17.8%. The business had an incredible quarter with a beat of analysts’ EPS and EBITDA estimates.

NESR achieved the fastest revenue growth of the whole group. The market seems happy with the results as the stock is up 16.4% since reporting. It currently trades at $33.79.

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

Weakest Q2: ProPetro (NYSE: PUMP)

Operating exclusively in the Permian Basin—one of America's most prolific oil-producing regions—ProPetro (NYSE: PUMP) provides hydraulic fracturing services that pump high-pressure fluid and sand into oil wells to release trapped hydrocarbons.

ProPetro reported revenues of $305.8 million, down 6.2% year on year, falling short of analysts’ expectations by 1.6%. It was a disappointing quarter as it posted a significant miss of analysts’ EBITDA and EPS estimates.

Interestingly, the stock is up 10.5% since the results and currently trades at $11.78.

Read our full analysis of ProPetro’s results here.

Transocean (NYSE: RIG)

Operating one of the world's most capable fleets of ultra-deepwater drillships and harsh environment rigs, Transocean (NYSE: RIG) operates drilling rigs that energy companies rent to drill oil and gas wells in deep ocean waters.

Transocean reported revenues of $988.3 million, flat year on year. This result topped analysts’ expectations by 3.7%. Overall, it was a stunning quarter as it also put up a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

The stock is up 13.6% since reporting and currently trades at $5.84.

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

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 $395.8 million, up 8.7% year on year. This number beat analysts’ expectations by 5.7%. It was an incredible quarter as it also recorded a beat of analysts’ EPS and EBITDA estimates.

The stock is up 10.1% since reporting and currently trades at $20.38.

Read our full, actionable report on Select Water Solutions here, it’s free.

Market Update

Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.

Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.

By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.

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