The CEO of Schlumberger says American oil producers are purchasing a lot more new technology in this year’s oil downturn than in previous rough patches, with new tools making up almost a quarter of the company’s revenue.
The company’s earnings show how much worse the American drilling slump got in the second quarter, as its sequential North American revenues fell from $3.2 billion in the first quarter to $2.4 billion in the second quarter, about 25 percent.
U.S. crude’s recent fall to $51 a barrel is making a widely anticipated recovery in domestic drilling much more tenuous, bringing lower profits and probably even more job cuts to oil field service companies, analysts say.
This award is the second part of a natural gas project and spans 13 deep-sea wells, and is the largest contract for work on subsea production systems in North Africa, Cameron International CEO Jack Moore said in a written statement.
High-horsepower pumps and big hydraulic fracturing trucks, the primary tools used to bust open U.S. shale rock, have carved out parking spaces of their own at the Offshore Technology Conference in Houston.
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