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Page added on July 28, 2009

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Oil service firms struggle to shake off U.S. slump

SAN FRANCISCO (Reuters) – A flattened U.S. drilling market is weighing down earnings for oilfield services companies and clouding their outlook as they seek to recover from a dramatic decline in demand during the past 12 months.

A plunge in oil and gas prices from record highs last July has forced exploration companies to slow or halt drilling, and the fact that natural gas prices, unlike oil, have not recovered at all means activity at gas-rich U.S. fields remains subdued.

Reuters



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