As recently as two summers ago, Latshaw Drilling was so fully booked it sometimes had to turn away oil companies eager to rent one of its 39 rigs at $22,000 a day.
But that was before the collapse of oil prices, which despite a recent upturn from February lows, are still nowhere near their 2014 levels. Because of slumping world demand and a glut of global supply, oil players of all sorts — whether major producers like Royal Dutch Shell, smaller companies or service providers like Latshaw Drilling — are still struggling to cope with the industry’s doldrums.
