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 TETRA Technologies (NYSE: TTI) 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%.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 10.3% since the latest earnings results.

TETRA Technologies (NYSE: TTI)

Operating across six continents with approximately 40,000 acres of mineral-rich brine leases in Arkansas, TETRA Technologies (NYSE: TTI) provides well completion fluids and water management services to oil and gas operators.

TETRA Technologies reported revenues of $156.3 million, flat year on year. This print exceeded analysts’ expectations by 3.4%. Overall, it was an incredible quarter for the company with a beat of analysts’ EPS and EBITDA estimates.

Brady Murphy, TETRA's President and Chief Executive Officer, stated, "We are pleased to start 2026 with one of the strongest first quarter performances in the company's past ten years. Excluding the benefit of TETRA Neptune in the prior-year period, consolidated first-quarter revenue of $156 million and Adjusted EBITDA of $26 million were ten-year highs for a first quarter, as were both Brazil and Gulf of America. In addition, the Industrial Chemicals and Production Testing subsegments each delivered ten-year-high revenues with strong margin contributions. High-pressure gas plays in Haynesville and South Texas, supporting Gulf Coast LNG, are areas that should experience rapid growth in the coming years."

Interestingly, the stock is up 2.7% since reporting and currently trades at $9.97.

Is now the time to buy TETRA Technologies? Access our full analysis of the earnings results 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.

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 30.5% since the results and currently trades at $4.29.

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

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. This result beat analysts’ expectations by 10.4%. It was an incredible quarter as it also logged a beat of analysts’ EPS and EBITDA estimates.

The stock is up 35.7% since reporting and currently trades at $31.94.

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

NOV (NYSE: NOV)

With roots stretching back to 1862 when it began making equipment for early oil fields, NOV (NYSE: NOV) manufactures drilling rigs, drill bits, pumps, and other equipment used to drill oil and gas wells.

NOV reported revenues of $2.05 billion, down 2.4% year on year. This print met analysts’ expectations. Taking a step back, it was a slower quarter as it recorded a significant miss of analysts’ EPS estimates and EBITDA in line with analysts’ estimates.

The stock is down 9.1% since reporting and currently trades at $18.93.

Read our full, actionable report on NOV 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 Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.