Business
Q3 2021 Trading Update
Q3 2021 Trading Update.
About this update from Hunting Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5498Q\n Hunting PLC\n 28 October 2021\n \n \n \n \n \n \n \n \n For Immediate Release\n \n \n \n \n 28 October 2021\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Hunting PLC\n \n \n \n \n \n (\"Hunting\" or \"the Company\" or \"the Group\")\n \n \n \n \n \n Q3 2021 Trading Update\n \n \n \n \n \n Hunting PLC (LSE : HTG), the international energy services group, today issues a Q3 2021 trading update.\n \n \n \n \n \n Jim Johnson, Chief Executive of Hunting, commented:\n \n \n \n \n \n \"Global energy markets continue to strengthen as demand recovers from the effects of COVID-19. Oil and natural gas prices have reached levels last seen in 2014. The combination of production discipline from OPEC+ and the capital discipline being exercised by US onshore producers have helped restore the supply demand balance, with the near term outlook tipping towards an under supplied market and demand pushing future commodity prices even higher. As a result, the macro economic outlook continues to improve. However, during the quarter, we faced weather and sporadic COVID-19 disruptions that weighed on both operating efficiencies and activity levels. Hurricane Ida took several operations in Louisiana offline for three weeks and disrupted our customers' offshore activities in the Gulf of Mexico. COVID-19 continues to disrupt our operations, and continues to create supply chain disruptions that have impacted global supply chain networks. Despite the impact of these extraordinary events, we are encouraged by the strengthening fundamentals in the energy sector. The recent IEA forecast for demand for oil and natural gas further underscores our belief that we are in the early stages of a strong, multi-year recovery that, although slow and steady in Q3 and likely Q4, will accelerate in 2022. \n \n \n \n \n \n \"Whilst our focus continues to be on improving operational efficiencies and profitable growth within our core product portfolio, we continue to pursue adjacent investments in technologies that are within our defined core competencies of metallurgy and precision manufacturing. Our investment in Cumberland Additive, during the quarter is the latest example of that strategy. With that investment, Hunting is partnering with an excitin...