12:00 PM EST, 02/03/2025 (MT Newswires) -- RBC Capital Markets on Monday said it sees little direct revenue impact to oilfield-services companies from the announced tariffs and counter tariffs by the United States and Canada over the next one to three months, RBC Capital Markets said in a note over the weekend.

Of its three preferred Canadian-listed stocks, RBC said Enerflex ( EFXT ) and Pason Systems ( PSYTF ) generate a relatively small portion of their revenue in Canada, although Trican Well Service ( TOLWF ) is Canadian-focused.

RBC said most revenue of Canadian oil and gas services companies is earned domestically, although Canadian dollar depreciation will be a tailwind for US-earned revenue

RBC said the input cost picture is more opaque and likely to be felt by most, to some degree, due to global supply chains and retaliatory tariffs.

A prolonged trade war could also result in exploration and production reducing capital budgets, which would have negative knock-on impacts to oilfield services stocks.

RBC said its U.S. coverage is less impacted, but it expects the market may begin to price recession risk into the stocks as the situation unfolds.

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