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Service Companies Predict Lower Activity; Here is a Look at the Data
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From the three service companies that released quarterly results (Schlumberger, Halliburton, and Core Labs), representatives from each one signaled, during conference calls, that activity in North America will trend downward despite a large amount of activity from the first half of 2017.
Schlumberger Chairman and CEO, Paal Kibsgaard noted that activity has been on the rise but cautioned, "with a low rate of new projects being sanctioned since 2014 this tailwind [in activity] will taper off."
Halliburton Chairman, Dave Lesar said that, "rig count growth is showing signs of plateauing."
Core Laboratories CEO Dick Bergmark said, "We believe [if] the crude oil price continues at the current level for a protacted period of time . . . then the U.S. land-based rig count will being to flatten in…
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