Back on March 9, 2020, we wrote in the last sentence of this update:
There comes a point in every oilfield cycle where things get Darwinian, and in this downcycle, that time is now.
We own our mistakes, and the above point missed the mark on two fronts: i) early timing, and ii) simplification of cause. The time is actually now, not 4.5 months ago. And the impetus is not a simple downcycle but rather a toxic combination of cyclical, structural and black swan event forces.
Even as Lower 48 oilfield activity begins to stumble and grumble upwards off an unbelievably deep bottom, the industry is still crashing onto the hazardous rocks of a historic financial crisis.
Another sad inflection in business conditions has arrived – for the first time in ALL of our careers…
There’s a lot more to this story…
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