All is for the Best in this World of Oil & Gas Capital Projects Consulting

Oilfield service company Baker Hughes reported that its count of U.S. oil rigs was down to 635 for the week of 12 June: a 60% decline from one year ago. The number of natural gas rigs was down 30% in the year to 221.

| June 22, 2015

Nathan-Simon

Oilfield service company Baker Hughes reported that its count of U.S. oil rigs was down to 635 for the week of 12 June: a 60% decline from one year ago. The number of natural gas rigs was down 30% in the year to 221. The company's rig count outside North America was down 14% in the year to May. A separate analysis this week from the U.S. Energy Information Agency found that earnings of globally integrated oil companies declined 54% in the year ending in the first quarter of 2015, with refining contributing more than half of profits compared to an average contribution of 15% between 2011 and 2014.

This confluence might seem to augur dark days for capital projects consulting, but a deeper look suggests a more Panglossian outcome.

To continue reading, become an ALM digital reader

Benefits include:

  • Complimentary access to Consulting Magazine Online and digital edition
  • Bi-monthly digital newsletter delivered to your inbox
  • 1 free article* every 30 days to Consulting Magazine's sister publications
  • Exclusive discounts on events and publications produced by ALM

You Might Like

Communication and Noise

Communication and Noise

I remember a Western teacher's frustration with Eastern European secondary school students in the 1980s. He was stunned that they could not write. They were certainly literate, but while they had been taught to memorize mass amounts of information – they could spew

Terms of UsePrivacy Policy

Copyright © 2024 ALM Global, LLC. All Rights Reserved.