Welcome back Chronicle Crew.
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Last week we had 87 votes with the bullish/bearish split unchanged at 77%/23%.
I wanted to get this history out to you 3 weeks ago but right before I hit publish I discovered that I had left out a few legacy OFS companies
Petrolite - engineered the chemical process for separating crude oil from wet crude
Western Atlas - formerly Western Geophysical and known for seismic surveying technology was bought by the conglomerate Litton Industries in 1960 and then spun out before being acquired by Baker Hughes. Somewhere in there there was a JV with Dresser Industries.
Byron Jackson (before they became BJ services) a pioneer in the the oilfield equipment industry. In 1956 they were purchased by the conglomerate Borg-Warner. Unfortunately I wasn’t able to pull the segment data form Borg-Warner. In the 70’s Hughes Tool Co would purchase the company before spinning it out in the 1990s.
One thing I have learned from doing the histories on SLB 0.00%↑ (HERE) HAL 0.00%↑ (HERE) and now BKR 0.00%↑ is how intertwined all these companies are.
Many of them have bought and sold businesses to each other or JV’ed with each other.
The industry is now dominated by the big 3 because of the consolidation over the years. It reminds me of the defense primes such as Lockheed Martin, Northrop and GD. Prior to the 1990s consolidation there were many defense contractors. Now just 3.
Also rare is that the Big 3 OFS are pretty much the same share price for the first time in their history. Sorry, random thoughts by the CC.
Anyways back to the topic at hand.
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