• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 9 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 11 hours How Far Have We Really Gotten With Alternative Energy
  • 8 days They pay YOU to TAKE Natural Gas
  • 5 days What fool thought this was a good idea...
  • 8 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 3 days A question...
  • 14 days The United States produced more crude oil than any nation, at any time.
Jeff Currie: Copper Is The Best Trade Of My Career

Jeff Currie: Copper Is The Best Trade Of My Career

Jeff Currie, Chief Strategy Officer…

Millennials Drive EV Adoption in the U.S.

Millennials Drive EV Adoption in the U.S.

A recent survey from Statista's…

Liberty Energy: U.S. Fracking Activity Is Set To Increase Next Year

Fracking activity in the U.S. shale patch is set for growth early next year, according to Liberty Energy, one of the biggest oilfield service providers said at the presentation of its third-quarter financial results.

The growth, however, would be modest, the company also said.

“Frac activity has largely stabilized at current levels, representing a baseload of frac fleet demand needed to sustain E&P operators’ flattish production levels,” Liberty said.

“Fourth quarter trends will likely see seasonal softness, winter weather, and holiday disruptions. We expect the recent strengthening of commodity prices will drive a modest increase in activity beginning in 2024.”

The company also noted the recent developments that led to higher oil and gas prices and improved the global outlook for the industry, including Saudi Arabia’s production cuts extension and the Israel-Hamas war.

“Energy market fundamentals support positive momentum in North America resource development, leading to consolidation and investment amongst E&P operators focused on long term value creation,” Chris Wright, Liberty chief executive.

“Liberty is uniquely positioned to support our customers’ ambitions to unlock value with our next generation technologies, integrated services, and scale,” Wright also said.

Consolidation in the shale patch is indeed underway, with the latest deal in the space seen as heralding a new era for the industry. Exxon said it would acquire Pioneer Natural Resources for close to $60 billion, suggesting the future of shale will see a lot fewer independent players with more production focused in the hands of integrated supermajors.

In a sign that things are looking up for oilfield service providers, too, and not just exploration and production players, Liberty reported an annual increase in both revenues and profits and boasted record pumping efficiency.

Liberty’s larger peer Halliburton is releasing its third-quarter results on October 24, Baker Hughes is reporting on October 26, and Schlumberger will release its Q3 results on Friday.

ADVERTISEMENT

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News