Down but not out
向下但不向外
Transforming oilfield services
转变油田服务
Oilfield services companies seem to have largely borne the brunt of the 2014 oil price crash. While their services and products continue to be crucial to the industry, they may need to restructure their businesses and change their operating models to ensure long-term success.
油田服务公司似乎在2014年油价暴跌中首当其冲。虽然他们的服务和产品对行业仍然至关重要，但他们可能需要重组业务，改变经营模式，以确保长期成功。
Executive summary
执行摘要
WHILE lower oil and gas prices have impacted returns across the entire value chain, many oilfield service (OFS) providers seem to have suffered the most since the oil price crash in 2014. Their revenues and earnings are down almost across the board as most upstream companies, reacting to investor skepticism and negative market sentiment, are cutting their cost structure, with the goal of decoupling their costs from the movement of hydrocarbon prices. OFS companies are largely facing the brunt of these cutbacks and their share values are trailing both the price of oil and the broader stock market, even though they hold valuable assets and intellectual property.
虽然较低的油气价格影响了整个价值链的回报，但自2014年油价暴跌以来，许多油田服务（OFS）供应商似乎遭受的损失最大。由于多数上游企业对投资者的怀疑和负面市场情绪作出反应，正在削减成本结构，目的是将成本与碳氢化合物价格走势脱钩，因此它们的收入和收益几乎全面下降。OFS公司在很大程度上面临着这些削减的冲击，尽管它们持有有价值的资产和知识产权，但它们的股价却落后于石油价格和整个股市。