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PODCAST: Fractured Relationships
Baker Hughes is breaking out its fracking business, Weatherford is idling its frack fleet, and Hess is taking Schlumberger to court over broken valves, this week on The Bit
First, Kat Schmidt details Hess' lawsuit against Schlumberger, whose allegedly flawed subsurface valves led to production losses and tens of millions in repairs at the Tubular Bells project in the Gulf of Mexico.
Then Noah Brenner gives us the low down on Baker Hughes' plans to resurrect BJ Services as a pressure pumping pure-play, while Weatherford indefinitely shuts down its own fracking operations.
Canadian operators are starting to worry as much about crack pipes as cracks in pipes, and more, this week on The Bit.
(For insight on Opec's production cuts, check out podcast Episode 87.)
- Hess claims Schlumberger is responsible for supplying faulty valves that led to big problems at Tubular Bells.
- Here is a copy of the lawsuit, filed in a federal court in Texas.
- Weatherford, one of the top US pressure pumpers, is idling its frack fleet indefinitely. Have they fracked their last well?
- Meanwhile, Baker Hughes is reviving BJ Services, which it bought in 2009. The pressure pumping unit will be spun out into a standalone company, bolstered by private equity cash.
- The announcement comes weeks after GE said it is merging its oil & gas unit with Baker Hughes.
- We spoke at length about the new Baker Hughes on a previous epiode.
- Law enforcement officials in Canada have reported more oilfield thefts in the first 10 months of this year than in all of 2015, according to the Canadian Press.
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