Baker Hughes Inc. (BHI) last week said energy industry spending and drilling activity is contracting in North America as its customers adapt to a market “characterized by lower natural gas and oil prices, scarce commercial credit, ample natural gas supplies and reduced natural gas demand.” The pace of activity contraction, as measured by the rig count, has been faster than any other cyclical contraction post-1986, according to the oil services contractor.
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Baker Hughes: ‘Little Chance of Recovery’ for Drilling in ’09
Baker Hughes Inc. (BHI) Wednesday said energy industry spending and drilling activity is contracting in North America as its customers adapt to a market “characterized by lower natural gas and oil prices, scarce commercial credit, ample natural gas supplies and reduced natural gas demand.” The pace of activity contraction, as measured by the rig count, has been faster than any other cyclical contraction post-1986, according to the oil services contractor.
April 30, 2009
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