Posted on 04/23/2015 7:00:53 AM PDT by bestintxas
The precipitous fall in oil prices in recent months has led to a lessening of demand for fracking services. Where once there were more than 60 companies engaged in hydraulic fracturing, there are now 41. And one industry expert expects that number to halve over the coming year as demand slides even further.
Bloomberg:
Half of the 41 fracking companies operating in the U.S. will be dead or sold by year-end because of slashed spending by oil companies, an executive with Weatherford International Plc said.
There could be about 20 companies left that provide hydraulic fracturing services, Rob Fulks, pressure pumping marketing director at Weatherford, said in an interview Wednesday at the IHS CERAWeek conference in Houston. Demand for fracking, a production method that along with horizontal drilling spurred a boom in U.S. oil and natural gas output, has declined as customers leave wells uncompleted because of low prices.
There were 61 fracking service providers in the U.S., the world’s largest market, at the start of last year. Consolidation among bigger players began with Halliburton Co. announcing plans to buy Baker Hughes Inc. in November for $34.6 billion and C&J Energy Services Ltd. buying the pressure-pumping business of Nabors Industries Ltd.
(Excerpt) Read more at americanthinker.com ...
Another plus is the end of earthquakes in the fracking zones. Or so “they” say. Uh, was there any frickin’ frackin’ going on when the New Madrid quake went off? Hmmm. Wonder what caused that then. Just sayin’.
Here in Washington County Pennsylvania,(SW PA) they are still drilling. They just scratched a road to the top of a hill for a well in the last month about 3 miles from my house.
Ping.
I suspect half of the companies provide 10% or less of the actual services.
“Here in Washington County Pennsylvania,(SW PA) they are still drilling. They just scratched a road to the top of a hill for a well in the last month about 3 miles from my house.”
Hope you participate the way we in Texas do by receiving royalty checks.
Parts of PA remain some of the best gas drilling in the US.
It will continue as long as it is cold during winter in PA.
So far I have not been contacted in any way by any drilling/gas company.
‘So far I have not been contacted in any way by any drilling/gas company.’
Will take the form of a request for permission to your mineral rights, assuming you hold your land in fee(i.e. - minerals underlying). Could also be in the form of a license to shoot seismic in your area, assuming you own surface land.
More than half of the internet companies that were around in 1999 have gone out of business too. It’s called the maturation cycle.
***Another plus is the end of earthquakes in the fracking zones.***
No earthquakes in NW or SE New Mexico. Oil and gas fracking going on there for seventy years.
WHAT! Everybody knows fracking was only recently invented by, probably the Koch brothers, to help destroy the erf. LOL! Yup. Been around for quite a while now but the true believers would have you believe that it’s something brand new. WRONG! So, you’re saying nothing earth shaking happening in the Farmington/Cortez/4 corners area or down near Hobbs? Not surprised.
I guess we could always go back to PROJECT GASBUGGY type of fracking!
Nat Gas is not supposed to give off a blue glow, before the burner is lit....
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
