Unless an effective COVID-19 vaccine is made available, the uncertainty in global energy demand will continue to weigh down oil prices, and delay shale industry recovery.
Pioneer will acquire all of the outstanding shares of Parsley in an all-stock transaction valued at approximately US$4.5 billion.
ConocoPhillips has agreed to buy US shale oil producer Concho Resources Inc for US$9.7 billion.
SmartFleet gives operators real-time fracture control while pumping by integrating subsurface fracture measurements, live 3D visualisation, and real-time fracture commands.
The Ideal electric frac fleet aims to reduce greenhouse gases and make a substantial impact on total cost of ownership for operators.
A Rystad Energy analysis shows that new operations are now set to rise to above 400 wells in July, and recovery will be especially evident in the Permian Basin, where activity has nearly tripled.
The fracture stimulation of the Vali-1 ST1 well, which is to be followed by flow testing, is expected to commence on 12 July 2020.
The shale company has voluntarily filed for Chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas.
The Permian-based producer used Cold Bore Technology’s SmartPAD, which delivers real time, sensor-driven tracking of ultra high-resolution fraccing operations data with analytics.
The backlog, which will likely increase in June, is equivalent to about two years of fraccing at the current pace, according to Rystad.
Rystad estimates that the total number of started frac operations will end up below 300 wells in April 2020.
The VX Hydraulic Fracturing Pump Fluid End has been designed for use with GD-2500Q hydraulic fracturing pumps and comparable 8 in. stroke quintuplex power ends from other manufacturers.
The revised 2020 capital budget of US$1.3 billion or less includes the implementation of 2Q20 frac holidays in the Bakken and Eagle Ford.
The company has more than US$585 million of cash on its balance sheet and will continue to operate its business in the normal course without material disruption to its vendors, partners or employees.
The oilfield services company is anticipating a rapid reduction in active drilling and hydraulic fracturing activity.