After five years of struggling to recover from the crude oil crash of 2014, oilfield service companies are starting to raise prices for goods and services, the Houston Chronicle reports.
The July 2014 crude oil price crash forced service companies to slash their prices and keep them low, as well as sell assets and lay off tens of thousands of employees. Oil prices are currently in the $56-per-barrel range and service companies are only now beginning to raise rates.
Consolidation among the four largest companies—Schlumberger, Halliburton, Baker Hughes and TechnipFMC—is helping the struggling sector to bring prices back up.
Still, Rystad Energy Head of Oilfield Service Research Audun Martinsen warns there is still some uncertainty in the industry.