Oilfield services sector stops the rot
The economic downturn may have stabilised in the US, but full recovery looks a distant prospect
Oil prices are tentatively rallying and a chunk of curtailed US production has returned to the market, marking something of a recovery after a traumatic first half of the year for the US shale patch. For the domestic oilfield services and equipment (OFSE) sector, an improved economic backdrop is a considerable relief after six months of slashed capex and little drilling activity. Financial damage in the OFSE sector significantly slowed across the third quarter. The leading trio of Schlumberger, Halliburton and Baker Hughes posted a combined $269mn net loss across the quarter, against $23.9bn during the first six months. Those with the highest exposure to US shale have been hit hardest throu
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