While a recent rebound in oil prices has some E&P companies restarting activity, ProPetro CEO Phillip Gobe warned current pricing remains unprofitable for service firms.
Patterson-UTI is counting on its balance sheet to get it through tough times and its technology to push toward potential market share gains.
Basic Energy Services Inc. has successfully tested an automated water management solution with a major U.S. operator, the company said on May 8.
Bosch Rexroth’s subsea valve actuator enables the electrification of subsea production systems not only for the development of greenfields, but also for the modernization of brownfields.
ResFrac Corp., an innovative simulation software provider, said May 5 that the company has closed a preferred share financing with its financial sponsor Altira Group.
Oilfield service firm Patterson-UTI Energy Inc. on April 23 warned investors it would see a 60% decline in activity this year as shale companies slash spending and halt activity amid an unprecedented decline in oil prices.
Gardner Denver High Pressure Solutions has launched on April 14 its new, next-generation, cost-efficient fluid end: the Gardner Denver VX Hydraulic Fracturing Pump Fluid End (VX).
U.S. Well Services Inc. has executed a long-term contract on April 8 to provide electric hydraulic fracturing services for EQT Corp. using its next-generation Clean Fleet technology.
ProPetro Holding Corp. said on April 9 it will reduce compensation at different levels by up to 20%, the latest oilfield services provider looking to rein in costs to weather a steep drop in oil prices.