Service & Supply | Oilfield Services | Frac Markets - Pressure Pumping
Frac Company FTS Cuts Frac Fleets as Operators Slow Activity
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FTS International reported that the company is cutting frac fleets as some of its customers are curtailing frac activity.
CEO Michael Doss commented: "The Company reported that certain of its customers reduced their completions activity going into the third quarter due to changes in their capital budgets and higher than expected completions efficiencies. As a result, the Company has decided to reduce its active fleets and currently expects to average 24 fleets in the third quarter.
“Due to temporary reductions in activity levels by our customer base, we face increased uncertainty in the second half of 2018 in terms of pricing and utilization. However, recent conversations with both existing and target customers indicate they are gearing up for a strong start to 2019 and even the fourth…
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