Schlumberger selling OneStim (fracking subsidiary)

Discussion in 'Oilfield Trucking Forum' started by not4hire, Sep 1, 2020.

  1. not4hire

    not4hire Road Train Member

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    Schlumberger has become the biggest oil-service industry player yet to abandon frack work in North America, a sign that activity in the U.S. shale patch may never revisit previous highs.

    The provider of drilling and oil-production equipment agreed to sell its U.S. and Canadian fracking business to smaller rival Liberty Oilfield Services Inc. After similar exits over the past few years by Baker Hughes Co. and Weatherford International Plc, Halliburton Co. is now the sole global provider of well completions for shale, and even Halliburton has said it’s looking overseas for better growth.

    Liberty said Tuesday it plans to scrap 1 million horsepower -- essentially the former Weatherford fleet -- amid an industrywide glut.

    - Schlumberger Sale Marks Shale Turning Point
     
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  3. Brettj3876

    Brettj3876 Road Train Member

    That's a lot of horsepower they're scrapping. Might be a while before we see another big boom
     
  4. Ol'Shusquatch

    Ol'Shusquatch Light Load Member

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    The world is bathing in oil. Supply and demand.
     
  5. Lazer

    Lazer Light Load Member

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    Any word if the former Coil Tubing Services is included in the sale?
     
  6. sushi boy

    sushi boy Bobtail Member

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    They’re auctioning off the wireline shop/office in my hometown before vagrants literally burn it down. They already “removed” the gate after continuing to break the lock and they’ve broken over 1/2 the windows out and the grass is above knee high.
     
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