The news comes on the heels of an anemic first quarter in which permits applications dropped 32% and gas play applications fell by 35%.
The top 10 frack sand suppliers claim 55% of total business, while more than 40 companies make up the remaining percentage.
Equipment auctions are frequent and often the product of insolvency, but equipment should be thoroughly inspected before bids. The equipment has often been cannibalized for parts.
The Radnor, Pa.-based company kept its Eagle Ford assets and instead sold its East Texas terrain, where it had abandoned drilling but continues to face questions about its leverage.
Schlumberger says that it was able to keep afloat from international revenue as the U.S. falters and appears headed for a 35% cut in investments in 2015.
George Solich said FourPoint aims to be the largest producer in the Anadarko Basin. Meanwhile, the company continues to scour the Permian for an entry point.
Deal-making opportunities for E&P’s are expected to grow stronger through 2016, an investment service predicts. The midstream sector will remain open to M&A activity amid waning opportunities for organic growth.
Energy security concerns prompt storage buildup and increased purchases over the short term, analyst says. Long term, India and China seek to protect selves against geopolitical instability.
Refracking has been met with enthusiasm—especially when it works—and skepticism, but in order to move forward, the industry needs a large-scale refracking program and more investment IHS says.
Based on a price expectation of about $60 per barrel WTI, Cowen & Co. forecasts that E&P spending in North America will drop by 37.3% in 2015.
Michael E. Mercer, EVEP president and CEO, said any acquisition would be accretive to distributable cash flow and raise the borrowing base, leaving EVEP with have plenty of liquidity.
Researchers find that water volumes for fracking within watersheds across the U.S. range from as little as 2,600 gallons to as much as 9.7 million gallons per well.