While oil prices have recovered sharply off their lows, E&P spending continues to be gutted.
A new survey from Barclays showed that about 70% of companies changed or introduced new budgets with global E&P spend to be down 27% year-over-year.
They note this is the first time since 1986/87 upstream investment has fallen for two years in a row.
Further, they note that absolute spend is down 44% from 2014 levels.
North America spend is now trending down 40% (vs. -27% in January) and International spend is now trending down 21% (vs. -11% in January).