Since 2014, over 60 percent of privately-held oilfield service company owners have reduced their rates for top customers by more than 20 percent. And over 65 percent have seen their gross revenues decline by more than 30 percent, according to respondents to the third survey we've conducted since the downturn began.

The start of 2016 brought continued bad news for the energy industry, but the embers of optimism glowed at even the slightest whisper of recovery.

During the three weeks our survey was open in March, rig counts bottomed out at the lowest level since Baker Hughes began publishing data in 1949, settling at 476 at survey's close. However, WTI prices inched upward, buoyed by rumors of an OPEC production freeze, landing at $39.44 on March 18. Respondents did not expect much more from the crude markets as 76 percent of the respondents expect the WTI price to remain below $40 barrel on June 30.

Most of the service and manufacturing company executives that we've spoken with came into 2016 with low expectations for any meaningful recovery and are planning for another down year. Most (55 percent) don't expect a recovery until 2017.

One survey respondent from the Rocky Mountain region commented: "The most difficult part of the downturn (as a service company) is not necessarily the product prices. It is the desperate 'race to the bottom' with my competition. There are so many people out there that got into business during the boom that have no business being in business. We can all still make a profit when work is slow and oil prices are low. We cannot all make a profit if we continue to bid out work just to stay busy and not make a profit."

The real loser in the downturn is the energy sector worker as 92 percent of respondents have reduced their workforce, including 41 percent that have laid off more than 30 percent of their staff. Only 25 percent of these company execs plan to hold current staffing levels or add employees in the next three months, giving rise to more layoffs for the majority of companies.

For those workers who are able to maintain a position, there will likely be changes to compensation as more than 50 percent of respondents said they intend to implement decreases in pay and 38 percent indicated that benefits would be cut to adjust to current conditions.

There is a real emotional toll that's being taken as these execs deal with letting good people go.

A respondent from the Bakken region commented on the industry in general: "Proactive and positive political polices need to be implemented to encourage business in the energy space. There needs to be a better education to the public in how energy provides so much to North America's standard of living."

As with the previous two surveys we conducted of owners and C-level executives regarding the effects of the downturn on mid-market oilfield service companies, the majority of respondents have been in business for more than 10 years and represented companies in all major U.S. basins.