Calfrac Well Services Ltd. is projecting steady utilization of 15 completion fleets across the United States and Canada for the rest of this year, management said. “Even with the constructive long-term outlook for the United States pressure pumping industry, the company expects to navigate any potential activity reduction in its natural gas concentrated regions by…
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Halliburton Eyeing ‘Strong Year’ as North America E&Ps Seen Boosting Capex by 25%
North American exploration and production (E&P) companies are set to increase their capital spending by 25% or more from 2021 as they ramp up activity to keep pace with rising global oil and gas demand, Halliburton Co. CEO Jeff Miller said Monday. The management team shared a microphone to discuss the macro environment, and discuss…
Lower 48 E&Ps Working Down DUC Count as Development Looks to Accelerate
U.S. oil and gas producers have held the line on capital spending and concentrated on completing wells rather than costly new development, the Energy Information Administration (EIA) said. The EIA’s Drilling Productivity Report (DPR) issued earlier this month noted that the backlog of drilled but uncompleted wells, aka DUCs, had declined in May by 247…
Permian Well Completions Seen Declining, with Fewer Crews and Less Sand Demand
The Permian Basin bottleneck, which has led to sharp pricing discounts, is sharply impacting the number of fracture crews and well completions, according to a real-time analysis of more than 15,000 wells across the region, said Westwood Global Energy Group.
Schlumberger Scuttles OneStim Plan, Buys Out Weatherford’s U.S. Fracture Business Instead
Weatherford International plc has sold its U.S. pressure pumping and pump-down perforating assets to a subsidiary of Schlumberger Ltd. for $430 million, scrapping a plan initiated in early 2017 to partner in the domestic arena.
Midstream Operators Seen to Benefit with Added Frack Crews Increasing Completions
U.S. midstreamers working in onshore basins should get a “substantial uplift” in 2018 as oil and natural gas producers complete more wells and tie in to expanding infrastructure.
Rex Energy Ramping Production to Hit Year-End Exit Rate
Operating efficiencies that allowed earlier than expected turn-in-lines during the third quarter helped Rex Energy Corp. beat guidance for the period and have the company on track to meet its year-end exit rate production growth target of 15-20%.
Forum Energy Takes Over Global Tubing as North American Business Escalates
Houston-based Forum Energy Technologies Inc. has agreed to pay $237 million in a cash-and-stock trade to become sole owner of Global Tubing, a coiled tubing supplier for oil and gas producers.
OFS In-Depth Part 1: Rising Costs May Lead to Volatile Oil, Natural Gas Production Growth
Part one of a two-part NGI report (Part Two).
Sanchez Hits Record Production Level, Raising Eagle Ford Rig Count
Benefitting from a recent acquisition and production growth from legacy assets, Sanchez Energy Corp. is currently producing at a record level of about 76,000 boe/d, the company said Wednesday.