“The biggest employers in the oil industry are typically the oil-field firms that provide equipment and services in oil patches across the globe,” wrote Collin Eaton of FuelFix. Indeed, PESA member companies represent a diverse global workforce of 1.3 million that generate more than $277B in annual revenue.
The slow but steady global economic recovery is still intact, and absolute oil demand has changed little despite fears of oversupply that have sent crude prices hurtling downward in recent days, Schlumberger’s CEO Paal Kibsgaard told investors on Friday, October 17. Kibsgaard spent an hour Friday discussing the company’s latest quarterly results and his macroeconomic take on North America and world markets:
“Given the strength of the U.S. economy and the ongoing efforts to stimulate and manage growth in Europe and China, we continue to believe that the slow but steady recovery in the world economy is intact,” Kibsgaard told analysts. “Our view of the overall market continues to include a mix of economic and geopolitical headwinds and tailwinds. We therefore maintain the long-term hypothesis … believing in continued solid demand for our products, services, and expertise. We also firmly believe that opportunities exist for differentiated growth through new technology and greater integration, and that the transformational impact of our initiatives in reliability and efficiency will further support and accelerate our financial outperformance.”
Natural Gas Intel reported PESA Member “Baker Hughes Inc. CEO Martin Craighead said Thursday North American unconventional oilfields were unlikely to take a drilling hit, as U.S. drilling continued to be economic at WTI prices of $60-70/bbl.” MoneyNews reports, “The returns are still quite attractive,” Craighead said. “Right now, it’s full steam ahead.”