Service & Supply | Oilfield Services | Frac Markets - Pressure Pumping | Frac Markets - Frac Trends
Frac Company Permanently Retires 300k Horsepower
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Patterson UTI said during its 3rd quarter call with investors that the company has opted to retire 300,000 HP from its frac fleets.
The company will be left with some 1.3 million horsepower which makes up 23-24 fleets of which 13 are current active today.
The company stated: "During the third quarter, we undertook a thorough process to evaluate the economic opportunity for our fleet and decided to permanently retire 300,000 horsepower of pressure pumping equipment. We concluded that in the current market, the cost to reactivated this equipment would be prohibitive and with oversupplied market conditions, the best course of action would be to rationalize this equipment.
"Our remaining fleet of 1.3 million frac horsepower is more than capable of undertaking today's most challenging…
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