The oil-field services sector is in the tough position of being the first to get hurt when oil prices plunge and the last to profit when a recovery finally happens. That lag has always existed, but this time it seems like an endless nightmare for oil services companies, both small and large. The most obvious evidence is the recent bankruptcy of Weatherford International, the sector’s fourth largest player. Weatherford is a genuinely diversified global outfit with a hand in just about every significant business sector across the oil and gas industry. To be sure, Weatherford’s extraordinary d...