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Top Oilfield Company Retire Rigs & Cut Frac Horsepower Expecting Soft 2025 Market
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Patterson UTI who recently acquired NeTier Oilfield said the following during its most recent earnings call.
Cutting HorsePower & Plus Fleets.
“ We have retired ‘42 rigs that have been idle for more than three years. Additionally, we are retiring and decommissioning nearly 400,000 horsepower of older Tier-2 diesel frac equipment this year. And even with the new build electric equipment, we will have reduced our completions fleet by about 10% to 3 million horsepower by year-end.”
“ Therefore, we are taking a leadership role to reduce the supply of equipment in what is currently an oversupplied market”
What do you expect in the fourth quarter of this year 4Q ‘24 (Frac)
“During the fourth quarter, we expect to see lower pumping hours compared to the third quarter as our customers flex…
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