For those looking for something to blunt the seemingly unstoppable growth of American tight-oil production, look no further than the battered state of oil services and equipment providers.
While shale producers have shifted from survival mode to thriving as a result of the steady rise in the price of oil, the services sector continues to struggle under forced efficiencies and low day rates.
Oil-field services contractors bore the brunt of the three-year oil price downturn, accounting for the bulk of an estimated 450,000 layoffs while accepting cut-rate prices from producers for their work and equipment – sacrifices that allowed their clients to survive the commodity collapse.
