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.
Oilfield services giant Schlumberger on July 24 reported its second straight quarterly loss after recording a $3.7 billion charge related to thousands of job cuts and a major pipeline outage in Ecuador.
The running rate of frac activity in the Permian has shifted from 15 to 20 wells per week in May and June, to 40 to 45 wells per week in the last three weeks. Last week, week 29, activity was particularly strong with 63 started frac operations based on our preliminary estimates. This level of activity has not been seen in the Permian since early April this year.
NexTier Oilfield Solutions CEO Robert Drummond joins Hart Energy editors for a conversation centered on his outlook for the oilfield services sector’s recovery on the other side of this downturn.
The U.S. independent producer’s laser focus on low cost of supply resources has had a significant impact on its technology roadmap, CTO Greg Leveille says.
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.