Economics
Shale Suffers Growing Pains That Could Slow U.S. Oil Production
- Parent-child challenges, spending cuts point to slower growth
- Frackers see double-digit drop in spending from U.S. producers
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The dramatic ramp-up in U.S. shale production is running into a combination of issues -- technical and financial -- that threaten to slow the pace of expansion, according to some of the industry’s biggest companies.
Schlumberger Ltd. and Halliburton Co., two of the largest providers of oil services, said Monday there will be a double-digit drop in spending from customers in the U.S. and Canada this year, a gloomier outlook than they had previously given.