Schlumberger Ltd. (NYSE: SLB) and Weatherford International Plc (NYSE: WFT) plan to roll out one of the largest hydraulic fracturing fleets in North America with a joint venture (JV) to create OneStimSM, which on paper will overtake chief competitor Halliburton Co. (NYSE: HAL).

The JV, which gives Schlumberger scale and Weatherford cash, will create a nearly 3 million horsepower pressure pumping fleet upon closing and seems likely to upend the pressure pumping market for U.S. and Canadian E&Ps.

Schlumberger will own 70% of the JV and Weatherford 30%. The agreement fuses the companies’ land hydraulic fracturing pressure pumping assets, multistage completions and pump-down perforating businesses into one.

Weatherford will also receive a one-time $535 million cash payment from Schlumberger.
[Read More …]
Source: Daily Dose of ShaleDirectories.com News