Baker Hughes Sees Slower U.S. Shale Drilling for Rest of 2021
- Explorer customers promised austerity even as oil prices rise
- Overseas activity is speeding up on more Middle East drilling
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Shale drilling in North America is going to slow down in the second half of the year from its breakneck pace as explorers cling to promises of austerity, according to Baker Hughes Inc.
While oil prices are high enough for drillers to add rigs and increase output, investors have called on publicly traded ones to instead distribute profits to shareholders. That means slower growth in the region for oil contracting firms like Baker Hughes and Halliburton Co. The industry is currently recovering from history’s worst crude crash last year.