As 2019 winds down, the E&P downcycle dominants discussion in the US onshore oilfield.
Rig count is down 27% YTD. More tellingly, rig count fell in 43 out of the 50 weeks in the books so far in 2019.
Unlike in most prior downcycles, it’s not oil price in the driver’s seat. Watch this:
There’s a lot more to this story…
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