February 4, 2020 / 5:01 PM / 13 days ago

Driller Helmerich and Payne sees oil producers cutting capex 10% in 2020 - exec

Feb 4 (Reuters) - U.S. drilling contractor Helmerich and Payne anticipates customer spending in the oil patch to decline by about 10% in 2020 versus last year’s level, the company’s finance chief said on Tuesday.

Even so, the company is anticipating a “modest” increase in rig activity in the current quarter. It is planning to run an average of 196 for the quarter, the company said, versus 195 at the end of the first quarter. (Reporting by Liz Hampton Editing by Chizu Nomiyama)

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