Weatherford International’s stock is trading below $1 a share. Schlumberger expects growth in its shale business to flatten or decline. General Electric reduced its ownership stake of Baker Hughes. Halliburton’s stock market value has fallen below what it was at one of the worst points of the last oil bust.
Energy services companies are facing another tough slog as they recover from a deep industry downturn that piled up billions of dollars in red ink and cost tens of thousands of jobs. The industry, which provides drilling, fracking and a variety of other services for oil and gas companies, now finds itself challenged by a recent plunge in oil prices, pipeline shortages that have slowed drilling, and the still-lingering effects of a 2014 oil bust, which have led customers to keep a tight rein on spending, analysts said.
— Read on www.houstonchronicle.com/business/energy/article/Several-major-changes-on-the-horizon-for-troubled-13556827.php