Despite oil market ups and downs, one target is a constant on the radar for U.S. pressure pumpers—improved efficiency.
Still recuperating from one of the worst years in the oil industry’s history, activity has picked up across major shale plays, and oilfield service (OFS) companies are concentrating efforts on what they can control, not knowing what curveballs an unexpected merger of two E&P players, investor mandates or new market entrant could bring their way.
Many are powering through by focusing on next-generation technologies, increasing the efficiency of operations and completing more wells with less horsepower with sights on lowering emissions. Trends such as simultaneous hydraulic fracturing (simul-frac)—a process in which two horizontal shale wells are stimulated at the same time with one pressure pumping fleet to cut time and save money—are gaining traction. Pressure pumpers are also helping fulfill sustainability needs with equipment that runs on natural gas or powered via the grid.
Hopes are that economics will continue to improve, following a dismal 2020 rocked by a global pandemic that dried up demand, extreme oil price volatility and the short-lived OPEC+ collapse that pushed WTI deep into negative territory.
For insights on how the pressure pumping sector is faring, these experts shared their thoughts with Hart Energy:
- Scott Toler, vice president of pressure pumping and cementing group, NOV
- Michael Segura, vice president of production enhancement, Halliburton
- Shawn Stasiuk, strategic business manager of production enhancement, Halliburton
- Eric Holley, senior product manager, Halliburton
- Nebojsa Knezevik, cementing bulk plant manager, Halliburton
- Sam Sledge, president, ProPetro
- David Schorlemer, CFO, ProPetro
- Shelby Fietz, vice president of business development, sales and marketing, ProPetro