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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (13274)	11/19/2015 9:26:01 AM
From: Goose94	Respond to of 202684

The drilling and service sector will not see a rebound next year, despite some predictions earlier this fall for a soft recovery in 2016, the Canadian Association of Oilwell Drilling Contractors figures there is no near-term relief in sight. "Our industry ... is facing one of the most difficult economic times in a generation," president Mark Scholz said Wednesday. Already, the active rig count for the Western Canadian fleet is at the same level as the depths of the 1980s bust. Next year, his association predicts the average rig utilization rate will hit 22 per cent, the lowest level since the organization started keeping records in 1977. The association expects the number of wells drilled in 2016 will be 4,728 -- 58 per cent fewer than the 11,226 wells drilled two years ago. About 30,000 direct and indirect jobs have been lost so far. Beaver Drilling said the forecast erases any remaining perception, or hope, that the industry is headed for a recovery some time in 2016. the company, which works for producers such as Tourmaline Oil (TUO-T), has about 120 workers in the field today, down from 250 one year ago.