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MAJOR OFS PROPPANT TRENDS
April 19, 2016
http://www.energentgroup.com @EnergentGroup
OVERVIEW
• Key questions:
– How have leading service companies held market share in
major basins?
– How much proppant have the companies pumped
quarterly
• OFS included in study:– Halliburton (HAL)
– Baker Hughes (BHI)
– Nabors (NBR)
– Schlumberger (SLB)
– Weatherford (WFT)
– U.S. Well Services
2
PERMIAN: OFS PROPPANT TRENDS
• In the last two quarters
the selected service
companies have held
30% of the market
• Frac counts have
decreased by -64% in
the basin from January
2015 to January 2016
• Pioneer Pumping
Services has gained
market share in Q4'15
into Q1'16
• C&J has taken over
activity from Nabors
but is not gaining
market share
3
EAGLE FORD: OFS PROPPANT TRENDS
• In the last two quarters
the selected service
companies have held
56% of the market
• Schlumberger and
Halliburton have been
trading places as the
top pressure pumper in
the basin
– Halliburton holds the
top place this quarter
with 29% of the
market
• Frac counts have
dropped -63% from
January 2015 to
January 20164
WILLISTON: OFS PROPPANT TRENDS
• In the last two quarters the
selected service companies
have held 49% of the market
• Nabors has continued to fall
off as Halliburton, Baker
Hughes and Schlumberger
hold tight
• Liberty has almost doubled
its market share in the past
six months going from 7% to
12%
– There is little overlap with
operator ties in the basin
between Liberty and Sanjel
– This leaves the opportunity
for Liberty to continue
gaining market share
• Frac counts have decreased
by -64% from January 2015 to
January 2016
5
MARCELLUS: OFS PROPPANT TRENDS
• In the last two quarters
the selected service
companies have held
45% of the market
• The frac count in the
Marcellus has fallen -
64% from January 2015
to January 2016
• The Marcellus is a
segmented market with
many different service
companies, not having
a dominant player
– FTSI and Trican are
the larger players
outside of the larger
national players
6
CANA WOODFORD: OFS PROPPANT TRENDS
• In the last two quarters
the selected service
companies have held 68%
of the market
• Halliburton continues to
dominate in the basin
although they have been
loosing market share
going from 72% in Q3’15
to 48% in Q1’16
• Other notable service
companies who have been
active in Q1'16 are FTSI
and Archer Well Services
• The frac count has
dropped -19% from
January 2015 to January
2016
7
