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.
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