Bankruptcies

List of Frac companies in bankruptcy this week

According to wsj BJ Services LLC filed for bankruptcy Monday, attempting to sell parts of the fracking services business and wind down the rest after a few years in operation assisting petroleum operations in the U.S. and Canada.

TES Asset Acquisition, LLC, an affiliate of BJ Services’ part-owner CSL Capital Management LP, has made an offer for some of the company’s active fracking operations while an investment banker searches for a possible buyer to save its cementing business.

U.S. Fracking Services Pioneer Files For Bankruptcy Texas-based BJ Services, a provider of hydraulic fracturing and cementing services, operates in every major basin in the U.S. and Canada, but it is feeling the sting from the uncertainty on the commodity markets and the significantly reduced demand due to the COVID-19 pandemic.

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