It's a buyers' market in oilfield services, and it is likely to remain a buyers' market for the observable future as the consolidation among producers continues.
SLB and Halliburton reported second-quarter results last week, and both noted strong international business and weaker performance at home. Baker Hughes, which posted its report on Thursday, also noted the strength of its international business—and didn't boast the performance of its business at home. It's a trend that's strengthening.
' This trend has hurt mostly small players in the field, and some have been driven to bankruptcy while the rest seek to secure long-term commitments from their shrinking client base. Fracking services provider Nitro Fluids, for instance, filed for Chapter 11 bankruptcy protection earlier this year, citing a massive drop in revenues because of the E&P industry's consolidation. Reuters noted in a report the company's revenues had gone from some $1.
Earnings Drilling Oil Prices Upstream Oil Supply Earnings
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