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dbg1969

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dbg1969

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Sunday, 03/15/2015 7:45:37 PM

Sunday, March 15, 2015 7:45:37 PM

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US rig plunge seen hastening recovery
HOUSTON, Mar. 12
03/12/2015
By OGJ editors

The plunge in US drilling should help the oil market recover faster than had been expected, says an Oppenheimer analyst.
In a research report on the oil field services industry, James Schumm predicts a bottoming of the US rig count—now in “one of the sharpest activity reductions over the past 30-plus years”—by midyear.
Schumm expects the current cycle, the downturn of which began in December, to follow patterns of the prior two drilling slumps in 2001 and 2008. If it does, the trough will occur in June at about 900 rigs, down 53% from the peak in September.
http://www.ogj.com/articles/2015/03/us-rig-plunge-seen-hastening-recovery.html



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