What industry leaders expect for 2016 ///

Not since 1986 has the global upstream industry seen such a 12-month period of oil price erosion, punctuated by rapid-fire reductions in operator, vendor and contractor activity. On Dec. 4, 2014, the NYMEX WTI futures price sat at $66.81/bbl, having tumbled from a high of $106.91/bbl on June 13, 2014. As of Dec. 4, 2015, the NYMEX WTI price sat at $39.44/bbl. Accordingly, the U.S. rig count fell 62%, from 1,920 active units on Dec. 5, 2014, to just 737 on Dec. 4, 2015. The Canadian rig count fell 58%.

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