Having a quite-fleet might not be enough to survive in the ever-volatile pressure pumping sector. As the fracking companies push for more economically viable frac spreads, the competition is getting fierce. so seeing mergers in the pressure pumping industry is expected, as more companies try to focus on new technology and make their companies viable in the “New oilfield” sector.
That brings us to the Two Houston oilfield services companies that said would merge in an all-stock deal valued at about $2 billion.
“The merger of equals unites two great companies, resulting in a broader portfolio of well completion services across an even greater footprint in the U.S., benefiting our combined employees, shareholders, customers, suppliers, and the communities in which we operate,” Keane CEO Robert Drummond said in the statement.
It’s important to note this volatility is also one of the reasons millennials don’t like to work in the oilfield.
More bad news for FRAC Crews And Oilfield Services Companies
Chief Executive Chris Wright from Liberty frac
The firm has no plans to add more equipment to its fleets, Chief Executive Chris Wright told investors on an earnings call on Wednesday, adding that pricing pressures would remain until a capacity glut ends.
Denver, Colorado-based Liberty Oilfield Services operates 23 hydraulic fracturing fleets, which are used to pump water, sand and chemicals into the ground to complete shale oil wells. – liberty-oilfield-services-ceo-expects-pricing-pressure-to-continue.140/
Oasis Petroleum (OAS) Reports Q3 Loss
Oasis Petroleum (OAS) came out with a quarterly loss of $0.05 per share versus the Zacks Consensus Estimate of a loss of $0.01. This compares to earnings of $0.08 per share a year ago. These figures are adjusted for non-recurring items. – oasis-petroleum-oas-reports-q3-loss-tops-revenue-estimates.138/