Explorers and producers are constrained by the reduction in capacity for borrowings and an increase in the cost of capital. Also, explorers are facing constant pressure from investors so that they focus more on providing higher returns instead of production growth. These headwinds are likely to lower investments by explorers and producers in the land market of North America. Hence, conservative customer spending is going to hurt the demand for the company’s oilfield services.
Halliburton, the biggest players in the oilfield services sector is wasting no time cutting back it’s U.S Fracking workforce.
Halliburton believes operators will focus more on production optimization, surface efficiency and getting more out of wells already producing or set for completion. Miller pointed to the company’s success in the early part of the year with electronic submersible pumps and other.
Forbes.com If we look at the Texas year-over-year gains over the past few years, there has been a noticeable slowdown in oil production growth.
The oil-rich Permian basin is slowing – Bad News For Halliburton?
JARED POLIS’ OIL AND GAS JUNK SCIENCE
The governor’s political appointees are working overtime to bypass Colorado voters and implement their own regulations aimed at shutting down our energy industry.
Under this new law, 10 communities have implemented short- or long-term oil and gas bans and drilling permits are down 60%. A recent economic analysis warned that cutting new oil and gas production in half would cost the state 120,000 jobs by 2030. Most immediately, we’ve already seen the effects with one operator going into bankruptcy blaming Senate Bill 181 for creating an uncertain environment and energy worker layoffs on the Western Slope.
Don’t let junk science and political agendas jeopardize Colorado jobs.
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Layoffs – ProPetro cuts almost 150 workers
According to Reuters workers at ProPetro are on the chopping block and more could follow if crude oil prices don’t stabilize. Crude prices have been heading downward and have shown no signs of recovering. Traders have blamed Trump’s trade war with China and the slowing world economy.
ProPetro Holding Corp (PUMP.N) this month cut about 150 workers, people familiar with the matter said on Monday, the latest sign of growing trouble in the oilfield services sector as U.S. shale producers reduce drilling.