US exploration and production (E&P) companies are tightening their capital spending belts, and the US oilfield services and equipment sector is getting pinched. In the past year, oil prices dropped to a six-year low (though West Texas Intermediate has rallied a bit to just below $60 per barrel) and natural gas prices have also been hit, leading oil producers to pull back on drilling activity in the Lower 48, according to a report published June 8 by Standard & Poor's Ratings Services.
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