Merger appetites in the oilfield service space mirrored a wasteland of inop­portunity for most of last year, and the outlook for 2020 remains mired in a bog of chal­lenging fiscal patterns and heightened levels of uncertainty. Translation? It’s ugly out there.

Budget cuts, lower activity levels and fresh waves of right-sizing rule the day as operators look to survive in the new world order of liv­ing within cash flow.

All the financial maneuvering by E&Ps has trickled down and impacted service providers’ bottom lines. Less money and less activity by their client base means leaner times ahead for contractors that supply the tools to produce oil and gas. The stress has tempered dealmaking, according to a report by Deloitte.

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