August 12, 2019 / 3:57 PM / 2 months ago

Liberty Oilfield Services holds off deploying newest frac fleet

DENVER (Reuters) - Pressure pumper Liberty Oilfield Services Inc will wait to deploy its newest hydraulic fracturing fleet until market conditions improve, Chief Executive Officer Chris Wright said at a conference in Denver on Monday.

The Denver-based company is currently running 23 pressure pumping fleets and has taken delivery of a 24th. However, the market remains soft amid an oversupply of equipment, Wright said, prompting his company to hold off on deployment.

Oilfield service companies raced to build hydraulic fracturing fleets in recent years on hopes that producers would work through a backlog of drilled-but-uncompleted (DUCs) wells.

However, the number of U.S. DUCs hit record levels this year as oil prices fell and investors pressured operators to tighten spending. In June, there were an estimated 8,248 uncompleted wells, according to the U.S. Energy Information Administration, up roughly 19 percent from a year ago.

Reporting by Liz Hampton; editing by Jonathan Oatis

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