US revenue streams have been highly volatile, much more than for other geographies. For number one Schlumberger, 2020 North America revenue collapsed by 48% versus 2019. For Halliburton the fall was 52%, with 2020 revenue little more than a third of the record figure set just two years earlier.

For both firms, as well as the third of the services ‘big 3’ Baker Hughes, revenue from the Middle East and other regions also fell in 2020, but by much less than that from the US. (CONTINUED - 1064 WORDS)