The monumental impact of mergers, acquisitions, divestitures and recapitalization within the oil and gas industry has dealt far reaching trauma well outside itself. This calculated rush over the past five years to substitute debt for equity and use cash to reduce shares outstanding has gotten a significant portion of its capital from one of the industry's mainstays--drilling and exploration. One can directly relate this as being a primary component to the free fall in the national rig count and all its ensuing ramifications within an already ailing segment of the big picture: manufacturers of downhole tubulars and oilfield related service companies.

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