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Denver-based Liberty Oilfield Services Inc. has completed its takeover of Schlumberger Ltd.’s OneStim, the massive U.S. and Canada onshore hydraulic fracturing business, in exchange for 37% equity. The transaction, completed on the final day of 2020, moved Liberty into the top tier of onshore completions experts. OneStim provides expanded opportunities in pressure pumping, pump down perforating and Permian Basin fracture sand. With the purchase, Liberty controls an estimated 2.5 million high hp (hhp) for completions, with 1.25 million hhp available for service and 1 million hhp in maintenance support. Liberty also plans to permanently retire 1 million hhp from the market. Liberty, said CEO Chris Wright, “has laid the foundation for a new era of technology and sustainability in the oil and gas industry. We are driven to advance global energy access by bringing hydrocarbons to the surface in a clean, safe and efficient way.” Even with Schlumberger owning more than one-third of the company, Liberty continues to be led by Wright and his management team. “Together, the talent and technology at Liberty enable us to execute on this responsibility, and we are excited to welcome our new employees and customers to the Liberty family,” Wright said. “Our expanded […]
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