Oilfield services sector stops the rot

The economic downturn may have stabilised in the US, but full recovery looks a distant prospect

Oil prices are tentatively rallying and a chunk of curtailed US production has returned to the market, marking something of a recovery after a traumatic first half of the year for the US shale patch. For the domestic oilfield services and equipment (OFSE) sector, an improved economic backdrop is a considerable relief after six months of slashed capex and little ­drilling activity. Financial damage in the OFSE sector significantly slowed across the third quarter. The leading trio of Schlumberger, Halliburton and Baker Hughes posted a combined $269mn net loss across the quarter, against $23.9bn during the first six months. Those with the highest exposure to US shale have been hit hardest throu