The U.S. Justice Department said on Wednesday that a subsidiary of Schlumberger Oilfield Holdings had pleaded guilty to violating U.S. sanctions related to Iran and Sudan and would pay a $237.2 million fine.
Operators are employing several tools to increase production despite budget cutbacks, including high grading acreage, high-intensity completions and leveraging lower service costs to navigate the new low oil price era.
Superior is interested in assets Baker Hughes Inc. and Halliburton Co. must sell during their merger, Bloomberg said. Superior, seeking international exposure, will become the fourth-largest oilfield services company.
Cutbacks would further negatively affect oilfield services, reinforce the U.S.’ emerging swing producer status and could possibly cause higher expectations for a steeper drop in domestic output, Reuters said.
Buyer Frank’s International had nearly $500 million in cash in February and was expected to make an acquisition. The company bulked up its U.S. holdings, which accounted for less than 15% of total 2014 revenue.
Mom-and-pop service companies’ bid-ask spreads are still high, but some are already putting up auction notices while E&Ps are forecasting summer sales. Even the “body language” of some larger players is starting to indicate that there may be a deal to be had on acreage, analyst says.
The McIntyre plant will remain shut until market conditions warrant bringing it back online. Carbo provides proppant throughout North America and in locations in South America, Africa, Europe, Australia, Russia and China.
‘The interesting thing with this technology is it allows you to optimize spacing. It is one of the first technologies ever like this in the hole. What it allows you to do post-frack is determine how many of the fracks you pumped actually communicated with the prior frack,’ says Jones Energy’s Stephen Roberts.