Service & Supply | Oilfield Services | Exclusives / Features
BJ Services, the Most Recent JV with PE Firm CSL, Will Most Likely Fail to Grow Market Share - Here's Why:
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The last three years have seen a shakedown in frac service providers.
A contracting completions market has made a more competitive environment, which has hit Baker Hughes' newly spun-off frac service company BJ Services hard. The company will have to work hard to replace lost clientele to survive in 2017.
In 2014, Baker Hughes performed frac jobs for 172 clients. That number shrank in 2015 to 105, then sharply dropped in 2016 to 25. Some work was lost to larger service companies such as Halliburton, but Baker Hughes also lost business to smaller companies such as FTS international.
The volume of work for the company has shrunken to around 10% of 2014 levels:
Schlumberger and Halliburton maintain their relative market positions, while Baker Hughes falls off by 2016, being beaten out…
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