[Editor's note: The full version of this article originally appeared in the January issue of E&P Plus. Subscribe to the digital publication here.]
As the saying goes, hindsight is 20/20. But as the industry looks back on the past year, it might be hard-pressed to come away with a clear vision of 2020. The oilfield services (OFS) sector, and in particular the hydraulic fracturing market, took the brunt of the blow, with many pressure pumpers seeing almost no work by late spring and early summer.
According to Westwood Energent, the number of frac crews operating in the Permian numbered 18 to 20. Even as pandemic restrictions began being lifted, and demand for oil started to marginally improve by the early fall, the OFS sector remained mostly stagnant as operators worked through their inventory of DUCs.
But as the calendar has flipped to a new year, the fracking industry is both taking stock of lessons learned from 2020 and pushing forward with innovations and technologies designed to optimize efficiencies for both operators and service providers. Meanwhile, as shale producers increasingly put more effort on achieving ESG goals, service providers are bringing to market systems and tools that cut down on emissions and generally reduce the carbon footprint of fracturing operations.
Although many industry insiders believe the shale industry will likely never again achieve its previous highs in drilling and completions activity, the heartbeat of the fracking industry gained strength toward year-end 2020, and while it might not be at full strength this year, it will continue to pump the lifeblood of the U.S. energy industry.
Click here to read the full cover story in the January issue of E&P Plus.
Recommended Reading
Baker Hughes Wins Contracts for Woodside’s Louisiana LNG Project
2024-12-30 - Bechtel has ordered gas technology equipment from Baker Hughes for the first phase of Woodside Energy Group’s Louisiana LNG development.
Chevron Targets Up to $8B in Free Cash Flow Growth Next Year, CEO Says
2025-01-08 - The No. 2 U.S. oil producer expects results to benefit from the start of new or expanded oil production projects in Kazakhstan, U.S. shale and the offshore U.S. Gulf of Mexico.
Velocity Management Invests in Pipeline Builder M Wright Services
2025-01-16 - Velocity Management Advisors has made a minority investment in M Wright Services and three of Velocity’s partners will join the construction firm’s board.
Venture Global LNG Pares IPO Hopes by 15% to $2.2B
2025-01-22 - LNG exporter Venture Global nearly halved the price per share, while increasing the number of shares it expects to offer.
Energy Sector Sees Dramatic Increase in Private Equity Funding
2024-11-21 - In a 10-day period, private equity firms announced almost $20 billion in energy funding. Is an end in sight for the fossil fuel capital drought?
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.