Liberty Energy Inc., the oil services company founded by US Energy Secretary Chris Wright, is gearing up for a slowdown in shale drilling in the second half of the year.
Chief Executive Officer Ron Gusek, who took the helm at Liberty when Wright was confirmed to President Donald Trump’s cabinet earlier this year, gave his latest view Thursday at the Super DUG Conference & Expo in Texas.
“I’m certainly not in the camp of a 100-rig-count reduction,” Gusek told attendees at the conference. “Maybe it’s in the 30 to 40 range. That ultimately translates into for us to a reduction of 10 to 15 frack crews overall,” he said, referring to the workers who fracture rock to extract oil and gas. There are about 475 oil rigs operating in the US, Baker Hughes data show.
Trump has pushed for “energy dominance” in an effort to lower consumer prices. But as trade tensions and OPEC’s move to ramp up production weigh on oil prices, some of the biggest shale operators have announced a combined $1.8 billion in spending cuts to their original budgets for the year.
For now, though, Gusek sees the second quarter as “solid,” with all of Liberty’s available frack crews contracted through the end of the period.
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