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Monday, June 27, 2016

Halliburton CFO: Oil Recovery Will Continue to Be a Rocky Ride

From NGI:
North America's oil and gas industry is "coming off the bottom," but the recovery is unlikely to be a straight line, Halliburton Co.'s financial chief said Tuesday. 
CFO Mark McCollum spoke Tuesday at the Wells Fargo West Coast Energy Brokers Conference, where he discussed the failed merger bid for Baker Hughes Inc. and the Houston company's strategy moving forward. 
"We think at this point in time in the cycle in the market...we're coming off of the bottom...at least in North America and [we're] approaching a bottom internationally," he told the audience. "But the "recovery itself is going to be a lower slope recovery than maybe some others have been. And in that regard, it's probably not to going to be a straight line for the fact that this was a supply-based downturn and...relatively low demand growth overall..."
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