Oil Price Plunge Puts Jobs Across Oilfield Industry In Crisis
Zacks Investment Research | Dec 02, 2019 10:52PM ET
The oilfield services industry has witnessed a massive downturn over the last few quarters. With WTI Crude price still struggling to cross the $50 per barrel mark for a sustained period, oilfield services companies are experiencing slowdown in recovery. This lean period forced oilfield service providers to cut costs significantly by suspending some of their major operations and trimming jobs while looking for innovative ways to churn out more oil and gas. While this strategic action might improve profit levels to a certain degree, the overall sentiment surrounding the industry persists to be mostly negative.
Industry Performance
Let’s take a look at the price performance of the oil and gas field services industry. In the past five years, the S&P 500 Index has surged 51.7% against the oil and gas energy sector’s 33.1% slump. During this period, the Zacks Zacks Investment Research
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