Halliburton believes U.S. oil drilling will rebound soon
OKLAHOMA CITY – When the oil industry took a plunge in late 2014, the effects were felt across the Sooner State.
However, one CEO believes the worst is already behind us.
Halliburton CEO Dave Lesar said in a report that he believes the North American market “has turned” and that his company is preparing for the “upcycle.”
“You can’t underestimate the positive change in attitude that we are seeing in our North American customers,” Lesar said during a conference call with analysts.
The downtown of the oil industry began in 2014, resulting in the loss of jobs, lower gas prices and sent drilling activity to 70-year lows.
Those low oil prices meant multi-billion dollar losses by energy companies, including Devon, Chesapeake and Sandridge.
However, Lesar says he believes that levels have “reached a landing point” in the second quarter, adding that they are “best-positioned” to capitalize on the anticipated recovery.
Haliburton isn’t the only one predicting a rebound for the oil industry in America.
Continental Resources CEO Harold Hamm is convinced that oil prices will rise significantly this year.
Also, Goldman Sachs predicted that U.S. output will continue declining this year but then begin growing in 2017.