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Shale Experts is reporting that, according to our Frac data, operators reported one of the largest reduction in fleets on record. This week 3/27/2020 saw operators idling between 41 and 43 frac spreads across the lower 48.
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Our forecast remains unchanged that you could see frac fleets fall to ~130-150 by 2H 2020, if prices stay range bound between $20s - $30s (WTI). Even though many operators are hedged. (see our hedge book data). Some companies are opting to use the cash from hedge operations to shore up balance sheets.
Source : Shale Experts Frac & Completions Database
Methodology :
Shale Experts tracks weekly frac fleets / completion spreads using sources such as surveys, satellite imagery, company disclosures and rig to frac relationship.
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