Service & Supply | Oilfield Services | Frac Markets - Pressure Pumping
Basic Energy Moves Frac Fleets From Permian
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Basic Energy reported its quartely results today and the company said something we thought was very interesting. Because of the intense pricing pressure, the company has decided to move its equipment from the Permian into the MidCon and other areas.
This would seem like a bad move since they are forgoing participating in the market that controls 56% of the completions market.
Here is what the company said about the permian. Thomas said "As I stated earlier, the Permian Basin frac market, for example, has been saturated with new-build assets, exceeding frac demand and forcing frac prices lower. Another example would be the lack of steady utilization levels in gas markets, like the Appalachian region.
So, in light of the evolving dynamics in different regions in which we operate, we are…
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