Susquehanna analyst Charles Minervino released a new report that details the firm’s updated take on the oilfield services industry. Outside of a sharp, unexpected spike in crude oil prices, Susquehanna does not believe that the upcoming earnings season will serve as a positive catalyst for oilfield services stocks.

Global Drilling Reductions

The global decline in drilling activity continued throughout Q2, which led to pricing declines for rigs, pressure pumping and other oilfield service product lines. Although these pricing pressures were widely anticipated, the latest data does not suggest that an end to low prices is in the cards any time soon.

The Numbers

North American rig counts declined…

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