The Big Three in the oilfield services industry wrote down $45 billion in assets over the past year as their clients tightened their belts, according to Morgan Stanley, cited by Bloomberg. The three largest oilfield services providers in the world are Schlumberger (NYSE: SLB), Halliburton (NYSE: HAL), and Baker Hughes (NYSE: BHGE). Schlumberger, with a market cap of $27 billion; Halliburton, with a market cap of $13 billion; and Baker Hughes, with a market cap of $17 billion, have a combined market cap that is just $12 billion over the total amount written down. “The industry now appears to be in a significant capacity reduction and repair phase that we think will not quickly reverse,” Moran Stanley analysts wrote in a note to clients. “From a supply-side perspective, we think this effectively marks the bottom of the cycle.” The Frac Spread Count, provided by market intelligence and consulting firm […]