Oilfield Service Companies Slash Capital Spending In Face Of Reduced Industry Activity

摘要

With no commodity price recovery on the horizon and dire predictions of activity levels after spring break-up in Canada, most service companies have severely cut capital spending this year to essential items only.Of the 17 companies for which 2009 numbers are available, spending has been slashed by 50% to $1.47 billion from 2008 expenditures of $2.96 billion (minus acquisitions) as companies look to keep debt levels in check in light of uncertain access to capital.