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 Halliburton

The oil-rich Permian basin is slowing – Bad News For Halliburton?

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Halliburton is days away from reporting 2Q19 earnings, and a shift in the narrative regarding North America could be bad news for Halliburton. Why? Below we take a look.

  • High well-decline rates burning cash as investors stay away
  • Smaller producers fight to survive, bigger ones cutting back

The promise of the Permian is shrinking.

Producers in the nation’s oil-rich shale basins are dialing back growth plans in the face of a growing panoply of problems that’s killing returns and keeping skeptical investors at bay. – https://www.bloomberg.com

Zacks Consensus Estimates are projecting earnings of $1.33 per share and revenue of $24.23 billion, which would represent changes of -30% and +0.98%, respectively, from the prior year.

 

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 Halliburton

Halliburton Cuts 8% of North American Fracking Jobs

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After the Frac slowdown that started in the early part of the year, The world’s biggest provider of fracking equipment, including  Rock blasting Pressure Pumping pumps and sand-storage silos, declined to tell analysts and investors Monday how much pressure-pumping gear it’s parked in the U.S. and Canada.

“We recognize the changing behavior of our North American customers and are executing a new playbook to keep generating returns and free cash flow,” Chief Executive Officer Jeff Miller said on the call. “What was the right playbook several years ago, when there was a different cadence and pace of customers’ spend, today needs to change.”

The Houston-based contractor cut 8% of its workforce in the region during the second quarter.

Industry consultant Rystad Energy estimated in February that Halliburton and its competitors would have a year-end supply of 24.4 million horsepower for fracing, but would face demand of just 14.5 million this year. Shale producers have cut spending as investors pressure the companies to return cash to shareholders after the worse oil-price crash in a generation five years ago.

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 Halliburton

ExpressKinect™ Wellhead Connection Unit

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Halliburton – ExpressKinect™ Wellhead Connection Unit

OVERVIEW
Operations at the wellsite have become increasingly complex with high treatment
rates, multiple wells on a pad, and large amounts of equipment on location. This often leads to complex rig-ups with large amounts of iron rigged up to each wellhead. With multiple wellhead pads, zipper manifolds are often utilized to facilitate reduced cycle times between stages. However, these zipper manifolds add significant additional cost, equipment, and complexity to operations. The
Halliburton ExpressKinect™ Wellhead Connection Unit (WCU) drastically reduces rig-up time and complexity, resulting in a more efficient, safer rig-up operation.

REDUCED COMPLEXITY, IMPROVED EFFICIENCY
With the increase in multi-well fracturing operations, there has been a significant increase in nonproductive time due to labor-intensive and complicated rig-up requirements. In addition, this complexity has increased cycle times between wells. In cases where zipper manifolds are utilized, the operational complexity and increased cost are realized. The improvements in cycle times are frequently offset
by scheduled and unscheduled maintenance required on the zipper manifold, often resulting in nonproductive time and a reduction in onsite efficiencies.

-40f with wind chill in North Dakota is normal during this time of year.

Another practical use is in the winter, as shown above.  Without the need for a zipper and all those down-joints that come with them,  the frac hands will spend less time exposed to the elements during rigging up and rigging down during the harsh North Dakota Winters.

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