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Service Companies Reluctant to Spend, Look for Increase in Activity
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Canadian service company 2015 outlook:
Taking a look at five service companies based in Canada, and their capital spend in 2014 compared to 2015, most are planning a sharp decrease in spending in anticipation of lower prices with the new oil market.
The chart first compares the nominal spend level from 2014 to 2015, using blue for 2014 and then orange for 2015.
The second comparison, in grey and yellow, is adjusted for carry over capital from 2014 to 2015, subtracting the carry over amount from both years. This is done to show how much was spent in 2014, as well as to how much new money is being spent 2015.
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Looking at the service market, peak industry activity in Q1 2015 is expected to be 15 to 20% lower than in Q1 2014. Well licenses are mostly for oil wells, and horizontal…
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