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The 'Great Deflate' In The Oilfield Services Sector

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RPC, Inc. NYSE:RES, C&J Energy Services, Inc. NYSE:CJES - The 'Great Deflate' In The Oilfield Services Sector

B. Chase Mulvehill of SunTrust Robinson Humphrey commented in a note on Sunday that his new U.S. onshore hz rig count of 530 marks a 31 percent drop from a year ago and forces him to downgrade a handful of oilfield service providers.

Mulvehill said his new rig count projection assumes a 1MMbpd year-over-year decline in U.S. onshore production next year, while U.S. E&P Drilling & Completion (D&C) spending will likely be...