Editor’s note: Earlier this year, Supply House Times ran a story on the state of the industrial pipe, valves and fittings industry. Included here are MRC Global President and CEO Andrew Lane’s full responses to Editor Mike Miazga’s questions.
AL: 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. We haven’t experienced a two-year sequential decline of this magnitude since the mid-1980s and while there are many predictions on when a recovery could take place, commodity oil-and-gas prices remain very volatile. Fortunately for us, MRC Global is well-balanced across all three oil and gas sectors: upstream, midstream and downstream, which minimizes the most extreme effects of this downturn.