Service & Supply | Oilfield Services | Frac Markets - Frac Trends
CJ Energy Services Suspends Pumping Fleet Addition; Cites Weak Pricing
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CJ Energy Services said today that its remaining three fleets, consisting of 120,000 hydraulic horsepower, that were previously scheduled for deployment starting in October 2018 are being deferred to a later date.
Shale Experts Research Group noted in a report, that frac pricing in the permian was begining to see signs of weaking, has now been confirmed by CJ Energy.
“In line with our disciplined capital deployment philosophy, we have made the strategic decision to delay redeploying our last three fleets due to concerns with take away capacity in the Permian and additional frac horsepower brought to market by some of our peers at lower pricing. At this time, we simply do not have the firm demand and favorable economics for those fleets that we require, so we will postpone deployment…
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