Just how bad has the recent oil-and-gas downturn been as it relates to the PVF market?
“This is markedly one of the worst oil-and-gas cycle downturns in history with global exploration and production spending down more than 45% in the last two years,” MRC Global President and CEO Andrew Lane says. “We haven’t experienced a two-year sequential decline of this magnitude since the mid-1980s. While there are many predictions on when a recovery could take place, commodity oil-and-gas prices remain very volatile.”