Two of the three largest oil rig operators and frackers are considering pulling back from the North American market as losses mount.
Schlumberger Ltd. — after posting its first North American operating loss since at least the turn of the century, according to Barclays Plc — is evaluating whether it’s worth temporarily shuttering its business in the region. Baker Hughes Inc. said Wednesday it has decided to limit its exposure to unprofitable onshore fracking work in North America because of the “unsustainable pricing.”
It’s the first time in at least a decade that those companies and Halliburton Co., the big 3 in oil services, all lost money in the region during the first three months of the year, according to Bloomberg Intelligence.
It’s ok. Venezuela could never happen here.
Is doom on the way or is it already here?
I want to invest in oil at the bottom of the crash.
I find it difficult to buy into someones analysis if they are unable to ascertain whether UN defined “climate change” is “true or not”.
I can barely forgive ignoramuses in my own circle of freinds and family for buying into this nonsense, but none of them are writing analysis pieces.
If/when Canada goes the way of Venezuela, it will be for the same reason that Venezuela has failed. Socialism does not work – no matter what lipstick you put on that pig.
They have nobody to blame but themselves. They drilled as many wells as they could, as fast as they could, and caused a glut on the market. They create their own boom and bust scenario every time. It’s not like this hasn’t happened before.
Socialism works as long as the government can rob Peter to pay Paul.
Venezuela doesn’t have a Peter. Eventually, Canada won’t have a Peter either.
And the left, I include the Liberals these days, will do its best to make that come to pass.
Blah, blah, blah…..since when do Schlum and Baker ‘operate oil rigs’?…phffft….meanwhile oil price continues to march up. We need one of these giant juggernauts to f’off frankly….i’d prefer Halliburton but one of the others would do. Halliburton/Baker/Schlum are giant inefficient wasteful operations that priamrily exist to supply endless tiers of useless idiots high paying office jobs. Look at what happened at the big red H in Nisku…..the field hands get slashed immediately…but the useless idiots that fill that huge castle they built all kept their jobs for the most part. When things start trending in the other direction it would mean a leaner/meaner oil patch…..plus supply and demand are going to even out before the end of the year….there will probably be another dip in oil$ before then, but the trend upwards is establishing itself. The unsustainable low commodity prices that have stifled the industry from moving forward are starting to have a gradual influence on projected production and hence futures.
Btw…’oilprice.com’ is pretty much polluted with the ‘climate change disease’….so why should their ‘analysis’ on the oil/energy industry anywhere be given any credibility if they clearly have fallen for the CO2 tripe hook line and sinker?
Big shot oil service companies can’t compete. Others will fill the void.
Typically, the left makes sure that the great majority suffers while its selected elite do quite well, thank you.
Take a look at Notley’s Destruction Party. After it opened its Calgary headquarters, it hired a bunch of people. Everyone I heard of who got a job there is now earning a 6-figure salary. 6 figures? What is it that they do that’s so important that they’re worth that much money? Even if they were paid half of what they’re getting now, they’ll be doing much better than most people.
One of the left’s ideologies is “sacrifices for thee, but not for me”. So much for solidarity with the poor, oppressed working class.
Andy in the patch, last count I saw there were 475 Shlumberger rigs drilling in Saudi with plans to go to 680 by June. My once employed by Schlumberger friend had those stats along with the stat of Schlumberger will donate no more money to Canadian universitys. If you have no job, thank Suzuki and the Sierra club, NDPee party Lieberal party etc. Sucks to be a productive person in this world anymore.
The left loves the poor and oppressed. Can’t get enough of them. That’s why they are always trying to make more people poor and oppressed.
Who will be these others? Nisku is a ghost town right now. Most of the small operators have gone out of business. Even the remaining big companies like JV Driver and Varco and Weatherford have laid off thousands – JV Driver just laid off 500 last week.
This is going to get a whole lot worse before it gets better.
This the year of the Service Providers (going bankrupt). Next year will be better. Except in Alberta.
So with all the posts today are you trying to hide an apology for a negative court judgement again?
As usial the anti fracking wanks use lies,junk science and fabrications to push their goals and the anti fossil fuels idiots who are too dumb or brainwashed to know that