U.S. hydraulic fracturing firm ProPetro Holding Corp. plans to run between seven to eight fleets this quarter, up from an average of four fleets in the second quarter, executives told investors on an earnings call on Aug. 5.
The company had averaged almost 19 fleets in the first quarter of this year, but saw a significant drop in activity after oil prices crashed amid the COVID-19 pandemic. The company on Aug. 5 said market conditions began to improve in June.
The BLM will auction 37 parcels on 6,851 acres in New Mexico, Texas, Oklahoma and Kansas and includes parcels in the Permian Basin, the world's biggest oil field.
The deal would create the largest pure-play northern Midland Basin E&P with a 73,000-net-acre position and 12,000 boe/d of production that is expected to more than double through 2020.
Formal issuance of the leases in Alaska's Arctic National Wildlife Refuge came a day before the inauguration of Democratic President-elect Joe Biden, who has pledged to ban new oil and gas leasing on federal lands.