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Oil and gas companies buy Tenaris’s casing and tubing for their wells and line pipe to transport and process oil and gas. Products and services used in drilling account for most of its pipe business, which generates nearly all company revenue. It also supplies other industrial and low-carbon energy applications, but these are smaller markets.
Through Rig Direct®, Tenaris coordinates pipe production with customers’ drilling programs, manages their inventories and delivers pipes directly to rigs when needed. Long-term agreements combine pipe supply with technical advice and digital services. Customers mainly pay for the pipes; related services account for a small part of sales.
Demand depends on how many wells customers drill, complete or rework, and how demanding those wells are. Oil and gas prices influence customers’ willingness to invest. The United States is Tenaris’s largest country market. Pemex in Mexico is one of its largest customers; reduced drilling investment and delayed payments have affected that business, although outstanding receivables fell significantly by the end of 2025.
Tenaris manufactures across several countries and moves pipes and steel inputs between them. Import restrictions and local-content requirements limit access to some markets, while U.S. tariffs and antidumping duties add costs to imported steel bars and pipes.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Tenaris depends on global drilling spending and prices for well casing and tubing (OCTG), with Vallourec a key direct rival in premium oilfield pipes missing from this list.
SLB and Tenaris depend on the same producers’ field-development spending: SLB supplies well-construction and production services and systems, while Tenaris sells the steel pipes those wells need. Watch SLB’s Well Construction business for evidence of demand for drilling-related pipes.
Halliburton shares Tenaris’s exposure to producers’ drilling budgets, selling drilling and completion services where Tenaris supplies well casing and tubing. Its Drilling and Evaluation and Completion and Production results help show how producers are spending on building and finishing wells.
Baker Hughes sells producers well-construction and completion equipment and services for the drilling programs that use Tenaris’s casing and tubing. Its Oilfield Services & Equipment business is the part to watch for this shared demand, rather than its wider industrial business.
Weatherford’s well-construction and completion equipment and services depend on the same oil and gas activity that drives producers’ purchases of Tenaris pipes. Its Well Construction and Completions business offers a focused view of that demand, while well reworking also matters to Tenaris.
Cactus, Inc. competes with Tenaris’s steel line pipe through its spoolable pipes, while selling producers wellhead equipment for new wells that also need Tenaris casing and tubing. Watch its wellhead product sales for new-well demand in U.S. unconventional drilling, separately from the pipe rivalry.
Petrobras directly supports Tenaris’s Brazilian pipe sales by buying casing, tubing with premium connections, and line pipe for its onshore and offshore oil and gas developments. Watch its offshore projects, especially pre-salt development, for demand for Tenaris’s premium-connected pipes and offshore risers.
Tenaris relies on Ternium as a main supplier of round steel bars and flat steel for making pipes, and also held an 11.46% stake in the steelmaker at December 31, 2025. Ternium’s supply of those pipe-making materials is the direct operating link to watch.
Nucor supplies the steel Tenaris uses to make pipes: it is the principal U.S. coil supplier and also sells bars for the Bay City seamless-pipe mill. Watch the coil supply agreement, which covers a significant part of Tenaris’s U.S. needs and is due to expire at the end of 2026.
NOV’s sales of drilling and completion equipment and consumables to service companies, contractors and producers follow the oilfield investment cycle that drives Tenaris’s pipe demand. Its shorter-cycle Energy Products and Services sales offer a view of current activity rather than just spending on long-lived equipment.
Patterson-UTI Energy Inc provides producers drilling and completion services for wells that require Tenaris’s casing and tubing. Watch those two service businesses for drilling-budget demand relevant to Tenaris, whose North American customers accounted for 49% of Tubes sales in 2025.
TechnipFMC’s subsea production systems and Tenaris’s offshore casing, risers and flowlines depend on the same producers’ offshore developments. Watch TechnipFMC’s Subsea business for spending on offshore production and transportation, where Tenaris supplies high-value pipes.
Forum Energy Technologies, Inc. competes with Tenaris in coiled tubing through Global Tubing, while selling oilfield customers consumables that follow the same drilling and completion activity. Consumables and activity-based equipment made up approximately 80% of Forum’s 2025 revenue, making that demand more relevant than its capital-equipment sales.
ExxonMobil’s Guyana deepwater development directly connects to Tenaris’s service business: Tenaris was extending services for those operations as of March 31, 2026. Watch progress in Guyana rather than ExxonMobil’s broader refining and chemicals results for this tie.
OMS Energy Technologies Inc. competes for producers’ spending in Asian and Middle Eastern markets served by Tenaris, selling well casing and tubing (OCTG) and premium threading services. Its Saudi Arabian revenue is worth watching alongside Tenaris’s Saudi pipe sales, though OMS’s figures cover a year ended March 31 rather than a calendar year.
Ecopetrol, an oil and gas producer, is Tenaris’s principal Colombian customer and buys its Rig Direct services under an agreement renewed for two years in February 2025. Watch Ecopetrol’s Colombian drilling activity for the customer demand behind this relationship.
TotalEnergies’ GranMorgu offshore development in Suriname is a specific customer project for Tenaris, which was preparing a service base for it as of March 31, 2026. Watch that oil and gas development’s progress rather than TotalEnergies’ group-wide earnings for this service opportunity.
Weatherford International plc earningsWFRD
Weatherford’s report will show activity in well construction, completion and reworking—the work that leads producers to buy Tenaris casing and tubing.
Focus on Weatherford’s Well Construction and Completions businesses, not just its overall results. Strength there would suggest producers are doing more well construction, completion or reworking, supporting the activity behind Tenaris pipe demand. Weakness would point to less of that work and possible pressure on Tenaris sales. This is an industry signal, not a disclosure of Tenaris orders.
EIA Crude Oil Stocks Change (Oct/16)
For Tenaris, weekly counts of crude oil and fuel in storage indicate whether oil supply is tightening or building, which can shift oil prices and customers’ drilling investment—and demand for its pipes.
Read the stock trend through its possible effect on oil prices and customers’ drilling: a sustained build can signal looser supply and weaker pipe demand, while a draw can signal tighter supply and stronger demand; other factors also affect prices and investment.
Nucor Corporation earningsNUE
Nucor’s report will offer a read on U.S. steel supply and prices, which affect the cost of inputs it supplies for some of Tenaris’s U.S. pipe production.
Watch Nucor’s comments on steel supply, shipments and prices. Steady availability with easing prices would relieve input-cost pressure at Tenaris’s U.S. pipe mills; tight supply or rising prices would raise production costs and squeeze margins. Nucor’s results are a market signal, not proof of Tenaris’s own purchase volumes or terms.
Tenaris S. A. earningsThis company
Tenaris’s report will show whether pipe sales are recovering from lower selling prices while its operating margin absorbs steel and U.S. tariff costs.
Read Tubes sales alongside operating margin—the share of sales left after operating costs. Rising sales with a stable or wider margin would mean the improvement is not being eaten up by cost pressure. Falling sales with a narrower margin would point to weaker demand or prices and less room to absorb steel and tariff costs. Together, the figures show whether Tenaris’s core pipe business is improving.
PETROLEO BRASILEIRO S.A.-PETROBRAS earningsPBR
Petrobras’s report will show whether its offshore and pre-salt projects are advancing, supporting its demand for Tenaris pipes in Brazil.
Focus on Petrobras’s offshore projects, especially pre-salt development, rather than only its overall profit. Progress would support its demand for Tenaris casing, tubing and other pipes; delays or reduced activity would weaken that customer-demand signal. Project progress is a clue to demand, not a disclosure of Petrobras’s specific purchases from Tenaris.
