Years of E&P spending needed to catch up to demand, Baker Hughes CEO says

well workover process using acid to inject into the reservoir and intensify oil and gas production

Igor Borisenko/iStock via Getty Images

Years of underinvestment in the oil patch, among other factors, likely will require years of spending growth to meet forecasts of future demand, Baker Hughes (NASDAQ:BKR) Chairman and CEO Lorenzo Simonelli said Monday.


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