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Oil-Field Service Companies Ask: Where Did All the Wildcatters Go?
Halliburton on Friday said its rig count in the region declined 12% in the second quarter compared with a year earlier and that its revenue in the region fell 8%, the fourth consecutive quarter of decline. Similarly, competitor SLB said its revenue in North America dropped 6%. With Brent crude fetching above $80 a barrel, oil prices are high enough for U.S. producers to pump more, but many are in the process of combining through mergers and acquisitions.
The Wall Street Journal•
