The top global oilfield services firms have reported a slump in Q1 earnings. But a series of major write-downs reflects an expectation that things are getting much worse (MEES, 24 April). For all of the ‘big 3’ – Schlumberger, Baker Hughes and Halliburton – North America onshore is their core market. And here their key upstream customers are slashing capex hand over fist (MEES, 10 April).
Schlumberger expects the whole of this year’s projected fall in US shale development activity, “both rig activity and frac completion activity” to be concentrated into Q2, for “a sequential decline of 40-60% [vs Q1].” (CONTINUED - 550 WORDS)
