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Last year was a disappointing one for the Canadian oilfield service industry as a whole, and 2019 will be even worse based on results of the 2019 Daily Oil Bulletin Service & Supply Outlook Survey.

The 120 companies that responded to the survey expected the good times to continue to roll in 2018, after a solid rebound in 2017, but weaker than expected oil and gas prices resulted in less capital spending and field activity than forecast.

Looking forward, service companies as a whole are relatively pessimistic about revenue growth in 2019, compared to last year’s performance, but more optimistic about profit margins.

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