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Superior/ PumpCo Closing Up Shop; Lays Off Staff
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Last week, we reported that the frac division of Superior Energy Services (PumpCo) had laid off 112 people, according to data from the Texas Workforce Commission. The state recieved the notice of the reductions on November 22nd and the firing took place 3 days later.
We spoke to a few individuals who told us that PumpCo might be closing up shop, since 112 people represented a large part of the staff for the frac unit.
As of 3Q, the company still had 4 frac crews working, which is down from 15 at the top of the maket in Q2 2018. This just shows how quickly the huge drop in frac services demand occurred.
The chart below shows the rapid fall in frac fleets in the US from the peak at 2Q/3Q 2018 as operators not only began cutting rigs, but also frac crews to preserve capital.
You can track frac fleets/spreads using Shale Experts Frac Database. (premier database)
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Job Cuts / Downsize / Layoff
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