Half of the 41 fracking companies operating in the U.S. will be dead or sold by year-end because of slashed spending by oil companies, an executive with Weatherford International Pic said.
There could be about 20 companies left that provide hydraulic fracturing services, Rob Fulks, Pressure Pump Marketing Director at Weatherford, said in an interview Wednesday at IHS CERAWeek conference in Houston.
Demand for fracking, a production method that along with horizontal drilling spurred a boom in U.S. oil and natural gas output, has declined as customers leave wells uncompleted because of low prices.
-Bloomberg