At some point – hopefully sooner than most think – the price of crude oil and natural gas will rise to levels reflecting full replacement cost, including the cost of capital. When this happens, the oilfield services (OFS) industry will get back to work at prices and activity levels not seen for what will soon be one and one-half years. Although which companies will participate in this recovery is not yet known, that there will be a recovery is assured. So what will it look like? Who will be the winners? If it doesn’t happen soon, will the wait be worth the effort? Earlier this month the Canadian Association of Petroleum Producers (CAPP) issued a news release which made national and international headlines. CAPP indicated capital investment by its members in 2016 would be only $31 billion, a massive decline from $81 billion in 2014 and the largest reduction […]