Pressure pumper Liberty Oilfield Services Inc. will wait to deploy its newest hydraulic fracturing fleet until market conditions improve, CEO Chris Wright said at a conference in Denver on Aug. 12.
The Denver-based company is currently running 23 pressure pumping fleets and has taken delivery of a 24th. However, the market remains soft amid an oversupply of equipment, Wright said, prompting his company to hold off on deployment.
Oilfield service companies raced to build hydraulic fracturing fleets in recent years on hopes that producers would work through a backlog of drilled-but-uncompleted (DUCs) wells.
However, the number of U.S. DUCs hit record levels this year as oil prices fell and investors pressured operators to tighten spending. In June, there were an estimated 8,248 uncompleted wells, according to the U.S. Energy Information Administration, up roughly 19% from a year ago.
With more than $370 trillion of global financial contracts referencing LIBOR (London Inter-bank Offered Rate), many oil and gas companies are curious about how the phase-out of LIBOR by 2021 could impact their organization.
Staatsolie would also consider listing some of its shares on the New York or London stock exchanges to help raise between $1 billion and $2 billion to develop its offshore drilling program, the company's CEO said.
Recent analysis from Rystad Energy shows the main driver of oil and gas employment is shifting from shale to offshore.