Houston's oil field service companies close out tough 2019

The three largest oil field services companies based in Houston reported trouble in their North American business lines for 2019, and the situation is still expected to be tough in 2020. Lorenzo Simonelli, the CEO of Baker Hughes Co. (NYSE: BKR), said he expects drilling and completions spending in North America to move down at a low double-digit decline rate compared to 2019, based on budgets announced by the company’s potential customers. Simonelli was speaking on Baker Hughes’ fourth-quarter…