All facets of the oil and gas industry have suffered declines amid the COVID-19 pandemic unseen in previous downturns.
But Shannon Slocum, senior vice president of global business development and marketing and member of the executive committee at Halliburton, believes the lessons learned in previous downturns, specifically the 2015-2016 downturn, have helped companies weather the storm.
“After the second quarter, we believe the rig count is stabilizing and we’re optimistic and believe we’re seeing the beginnings of a recovery,” he said during the Texas Independent Producers and Royalty Owners Association’s 2020 Summer Conference, held virtually last week.
“Nothing dramatic, but a positive start,” he said. “Our industry is not out of the woods yet – far from it. In fact, the energy sector accounts for only 2.63 percent of the Standard & Poor’s 1500, an all-time low. Something needs to change before capital comes back into our space.”