Schlumberger Joins Halliburton in Calling Oil Cycle’s Bottom
- Paal Kibsgaard says worst is over for oil services industry
- Quarterly loss was $2.16 billion; 16,000 jobs cut in 1st half
Is the Worst Over for Oil?
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The world’s two largest providers of oilfield drilling and fracking services have now declared that the worst may be over in the two-year-old oil market crash.
Schlumberger Ltd. said Thursday that the oil industry appears to have reached the bottom of the cycle, echoing smaller rival Halliburton Co., which on Wednesday said the North American market reached its lowest point in the second quarter and is poised for modest growth the rest of this year.