Imagine a business where you could improve customer efficiency every quarter, produce demonstrable evidence of performance gains for the customer despite economic headwinds and enable customers to transition from capital outspend as far as the eye can see to a sustainable business that self-funds development—the standard capitalist business model.
Now imagine seeing demand for your services decrease—along with pricing. What kind of economic theory is that? Whatever you name the phenomenon, it is now the status quo for oilfield services, which have been instrumental in improving capital efficiency for E&Ps, winnowing down finding and operational costs, and reducing discreet costs for services that account for more than half the savings gains E&Ps have experienced in wellbore construction.
Engineers can draw up any plan in an E&P reservoir stimulation department. But wealth is not created in oil and gas until the crews on the drilling rigs and pressure pumping units show up at the well site to make it happen in the field.