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Major Oil Companies Reporting Big Losses, What’s Going On???

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.

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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.

In the spotlight

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