Many U.S. oil producers are pumping only enough oil to keep production flat and turning over more profit to investors.
Shale gas producers have struggled all year and have not been able to reduce drilling fast enough to counter weak prices.
But U.S. oil and gas producers are not looking to spend more, executives said.
NOV's average earnings estimate for the fourth quarter was slashed by 7%, while pressure pumping provider Liberty Energy (LBRT.N)'s was trimmed by 3%.
"At this point, we still are counting on the fourth quarter to be worse," said Rystad analyst Justin Mayorga.
Persons:
Clay Williams, Michael Stock, Justin Mayorga, Samuel Sledge, Kevin Neveu, Helmerich, Payne, Neveu, Baker Hughes, Arathy Somasekhar, Tomasz Janowski
Organizations:
HOUSTON, Street, North, Liberty Energy, ProPetro, Rystad Energy, INTERNATIONAL, Exxon Mobil, Chevron, Drilling, Halliburton, Thomson
Locations:
U.S, North America, Alaska, Hawaii, United States, Kuwait, American, Houston