Daniel Rice, former CEO of Rice Energy who now sits on the EQT board, addressed the elephant in the room earlier this month at Hart Energy’s Energy Capital Conference.
Schlumberger has spent billions of dollars to take over managing customers' oil fields, in some cases becoming an investor in the fields, while seeking to profit from increased oil production.
Like the E&P sector that precedes it, U.S. oilfield services companies are facing a precipitous drop in capex for 2021. The hard reality? Adapt or die.