Baker Hughes sees chance of mid-2017 rebound

26 Apr 2017   Oil Supply, USA

Industry headwinds remain in some business segments because the global oil and gas sector hasn’t fully recovered from 2016, Baker Hughes reported. The company has reported steady gains in North American exploration and production figures, released as weekly rig counts. Spending on exploration and production plummeted last year after crude oil prices collapsed to below $30 per barrel, but the appetite for 2017 has improved since members of the Organization of Petroleum Exporting Countries agreed to cap production to offset supply-side strains. The company reported a 15.3 percent decline in quarterly revenue to $2.26 billion as North American activity was not enough to compensate for lags elsewhere. “While the onshore rig count increase in North America has been more robust than […]

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