Weak oil market impacting operations in the onshore and offshore sectors of the United States. Photo courtesy: Apache Corp. A steady increase in U.S. oil production has pushed crude oil markets toward the supply side, pushing crude oil prices to less than 50 percent of their June highs above $100 per barrel. That’s forced companies from BP to those in the oil services industry like Halliburton to cut spending and staff. Rig company Hercules Offshore said revenue generated from work in the U.S. waters of the Gulf of Mexico declined 33 percent year-on-year to $90.2 million. For full-year 2014, the company reported a $216 million loss from continuing operations. President and Chief Executive Officer John Rynd said the weak market was reflected in the fourth quarter and the downturn should continue in 2015 until commodity prices improve. "The significant decline in crude oil prices during the fourth quarter exacerbated […]