Halliburton, Schlumberger Brace for the Next Oil Slump

U.S. oilfield service majors had a good run after the pandemic lockdowns ended. Demand for oil rebounded strongly, drillers drilled more, and even the climate-focused energy policies of the Biden administration could not ruin that. Now, a price rout that has already prompted the E&P segment to issue warning after warning is putting the good run on an extended pause. All of the majors reported lower earnings for the first quarter—yet more evidence that the lower prices have started to cause some real financial pain in the oilfield services…