What the Oil Price Plunge Means for Oilfield Services M&A
Offshore drillers and North American shale producers most challenged in terms of debt, says analyst.
Patterson-UTI Sees 60% Decline in Activity as Oil Prices Crater
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 Introduces New Hydraulic Frac Pump Fluid End
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, EQT Finalize Long-Term Electric Frac Contract
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 Plans up to 20% Cut to Executive Pay as Oil Slumps
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.
Shale Service Providers Liberty, NCS Multistage Lay Off Workers
Liberty Oilfield Services is cutting its workforce by 7%, while NCS Multistage plans to plans to reduce its workforce by 20%, the oilfield service companies said April 2.
Shale-well Frackers Grind To a Halt as Oil Prices Collapse
An estimated 31 hydraulic fracturing fleets, or 11% of those currently operating, were turned off in the last week, according to data from consultancy Primary Vision.
Schlumberger Cuts Executive Salaries, Reduces Workforce Amid Oil Price Crash
Oilfield services provider Schlumberger on March 31 said it will implement widespread salary and job cuts as it grapples with a sharp decline in revenue from the oil price collapse.
Analyst: Shale Service Providers to Bear Brunt of Oil Market Crash
The U.S. shale market will carry the biggest burden of budget cuts in the oilfield service market, says a Rystad Energy analyst.
U.S. Silica to Idle Northern White Frac Sand Mine
U.S. Silica Holdings Inc. on March 24 revealed annualized SG&A cost reductions of approximately $20 million in response to the recent drop in oil prices and the expected decline in drilling and completion activity in North American shale over the coming quarters.