Chesapeake Energy files for bankruptcy protection
The shale company has voluntarily filed for Chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas.
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The shale company has voluntarily filed for Chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas.
The Permian-based producer used Cold Bore Technology’s SmartPAD, which delivers real time, sensor-driven tracking of ultra high-resolution fraccing operations data with analytics.
The backlog, which will likely increase in June, is equivalent to about two years of fraccing at the current pace, according to Rystad.
Rystad estimates that the total number of started frac operations will end up below 300 wells in April 2020.
The VX Hydraulic Fracturing Pump Fluid End has been designed for use with GD-2500Q hydraulic fracturing pumps and comparable 8 in. stroke quintuplex power ends from other manufacturers.
The revised 2020 capital budget of US$1.3 billion or less includes the implementation of 2Q20 frac holidays in the Bakken and Eagle Ford.
The company has more than US$585 million of cash on its balance sheet and will continue to operate its business in the normal course without material disruption to its vendors, partners or employees.
The oilfield services company is anticipating a rapid reduction in active drilling and hydraulic fracturing activity.
The contract will see BJ Services' TITAN fracturing fleet deployed in the Haynesville shale.
If fraccing activity were to be eliminated on federal acreage the result would be a widespread shift of capital from federal to private and state-owned acreage in a bid to replace the lost oil volumes, according to Rystad Energy.
Ministers took the decision, which was announced on 2 November, on the basis of a report by the Oil and Gas Authority (OGA), which found that it is not currently possible to accurately predict the probability or magnitude of earthquakes linked to fracking operations.
Achieving the 10 000 stages milestone fulfills the Equinor vision for Reveal Energy Services, an Equinor spin-out in 2016, to commercialise and further develop IMAGE Frac™ pressure-based fracture maps.