Despite a 25 per cent increase in oil prices this year, stocks of Canadian oil services companies are languishing at rock bottom prices, and second-quarter results, set to kick off this week, are unlikely to lead to a relief rally, analysts say.
Raymond James attributes the declines to production cuts, or curtailments, initiated by the previous Alberta government to boost prices, which has led to depressed activity and mothballing of rigs. Raymond James’ findings echo an RBC Capital Markets report released Tuesday, which cuts rig count for the year, and said the second quarter saw a paltry 90 active rigs — down 52 per cent compared to the previous quarter.
Source: News Formal (newsformal.com)
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