Liberty Energy Inc. said on July 26 it will increase the number of hydraulic fracturing fleets it runs in early 2023 to the low forties, from the mid-thirties currently, as oil activity rebounds on high prices.
The current frac market is around 250 fleets and will likely exit the year at 275 fleets, the U.S.-based company said during an earnings call. Liberty said it plans to reactivate equipment this year and add two electric fleets in early 2023 as pricing has recovered.
The company said oil producers are now "evaluating the opportunity to deploy incremental capital in North America to modestly grow production," which could mark a potential shift in a strategy that focused on limited production growth in favor of shareholder returns.
Liberty said it anticipates U.S. oil output to grow by slightly less than 1 MMbbl/d by the end of 2022, and maintain a similar growth rate for 2023.
Shares of Liberty were up 11.2% to $14.29 in mid-morning trading.
Recommended Reading
Technip Energies Wins Marsa LNG Contract from TotalEnergies
2024-04-22 - Technip Energies contract, which will will cover the EPC of a natural gas liquefaction train for TotalEnergies, is valued between $532 million and $1.1 billion.
Proven Volumes at Aramco’s Jafurah Field Jump on New Booking Approach
2024-02-27 - Aramco’s addition of 15 Tcf of gas and 2 Bbbl of condensate brings Jafurah’s proven reserves up to 229 Tcf of gas and 75 Bbbl of condensate.
Seadrill Awarded $97.5 Million in Drillship Contracts
2024-01-30 - Seadrill will also resume management services for its West Auriga drillship earlier than anticipated.
Oceaneering Won $200MM in Manufactured Products Contracts in Q4 2023
2024-02-05 - The revenues from Oceaneering International’s manufactured products contracts range in value from less than $10 million to greater than $100 million.
CNOOC’s Suizhong 36-1/Luda 5-2 Starts Production Offshore China
2024-02-05 - CNOOC plans 118 development wells in the shallow water project in the Bohai Sea — the largest secondary development and adjustment project offshore China.