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The JV will offer 'one of the broadest multistage completions portfolios in the market combined with one of the largest hydraulic fracturing fleets in the industry,' according to the release.
Sand costs are rising and many sand companies, such as U.S. Silica, are seeing supplies sold out as proppant loading increases.
The company expects its earnings per share to be in low-single digits in the quarter ending March, CEO David Lesar said on a conference call on March 24.
A more than 50% fall in global crude prices since 2014 has triggered a wave of consolidation in the oilfield services industry, which has been battered by a sharp drop in service prices.
Mammoth also purchased Stingray’s water and cementing businesses from Gulfport Energy and other companies.
The technology is described by EVTN as a cost effective method to efficiently separate large volumes of solids and liquids—such as oil, water and sand—with different specific gravities without the need of a pressure drop.
Ronald Sifton was appointed interim CEO of Ceiba Energy Services Inc., as interim CEO Richard Lane is no longer with the company, according to a March 13 press release.
The increase came despite a collapse in crude futures this week to a three-month low because the rigs activated this week were based on decisions made a couple of month ago when oil prices were higher.
Saudi Oil Minister Khalid al-Falih said OPEC would not let rival producers take advantage of the cuts to underwrite their own production investments.
Oil prices have been entrenched in a $3 band since February, failing to take off after OPEC implemented, to a surprisingly high degree, the first production cut in eight years.
It is too soon for the world's top oil exporters to discuss extending a historic deal to curb output beyond June, oil ministers from Iraq and Russia said at the CERAWeek conference in Houston.
Investors generally are not betting on a sharp rise in the price of crude oil anytime soon, but the world could well face a 'supply crunch' if new projects are not soon given the go-ahead, the IEA said.