As oil prices hold steady just under $60 there are tale tale signs that the industry is in a slump.
Rig Counts have slowly been declining & Big Oil companies are reporting major losses.
Here are few to mention:
•National Oilwell Varco posts nearly $5.4 billion loss during second quarter.
•Huntsman profits plunge by nearly 75%.
•ConocoPhillips posts flat profits, increases in spending and buybacks.
•Three consecutive quarters of losses for McDermott International.
•Anadarko posts $1B loss.