General Electric doesn’t have a great outlook on oil.
In its annual investor presentation, GE included the following two slides, which state that the company expects revenue and profit in its oil & gas segment to flat to down next year, while the company plans to maintain a “pragmatic outlook” for this segment of its business next year.
Keep in mind that GE is one of the world’s biggest conglomerates that has its hands in dozens of businesses and takes in billions of dollars a year, and so must be careful with how they word things.
A “pragmatic outlook”? This is certainly not enthusiasm about business. If anything, it reflects uncertainty, which means we probably shouldn’t expect a big boom in energy spending.
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