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.
CGG GeoSoftware has collaborated with Alibaba Cloud to successfully deploy its suite of proprietary geoscience software solutions on the Alibaba Cloud platform, the company said on July 1.
Now is the time to fundamentally change the way the oil and gas industry operates through a greater focus on digital collaboration across the entire supply chain.
Digital well scheduling software helps companies maximize returns on assets.