The spinoff of BJ Services and retreat by Weatherford from hydraulic fracturing has shaken up perhaps the most important sector in the success of the US tight oil plays, writes Noah Brenner.
However, the way the deals went down could point to a gloomy future for onshore services players.
Analysts at investment bank Tudor Pickering Holt (TPH) said they were surprised by the amount of horsepower that remained in the Baker Hughes fleet when it merged with Allied, implying that the services giant had maintained more fracking equipment through the downturn than many had expected.
“We
