STAGES Update: 11/5/2021

STAGES update for the first week of November:

STAGES Pumped

Frac crew count remained flat this week.

STAGES Created

Horizontal rig count had a large jump this week reaching another high for the year with 489 total rigs. The largest jump week to week came from the Permian, which added 8 rigs.

STAGES Ratio

The STAGES Ratio dropped one this week with the large jump in rigs compared to a flat frac crew number. The STAGES Ratio has now reach parity with the 6 mos moving average.

STAGES News

Liberty Oilfield Services, which spent $448MM in January to acquire Schlumberger’s North American Pressure pumping business, announced the $90MM acquisition of PropX. PropX is a proppant delivery, logistics, and software company focused on the supply chain of frac sand in the US.

Vertice Oil Tools is a private equity completion tools manufacturer backed by SCF Ventures. Vertice announced the acquisition of the Gryphon Oilfield Solutions completion assets. This includes Gryhpon’s sleeve and dissolvable plug technology. Gryphon was funded back in 2018 by CSL Capital and Saudi Aramco Ventures.

Continental Resources purchased all of Pioneer Natural Resources Delaware basin assets. This represents the first large land acquisition in the Perimain for Continental, which has been focused on Oklahoma and Williston Basin properties to date. The divestiture was part of Pioneer’s efforts to focus their landholdings after the acquisitions of Parsley and Double Point over the past 12 months.