Thread regarding Halliburton Co. layoffs

3.5 BIl to Baker Hughes - $$$ to US Well Services for Patent infringement

Jeff and the gang should get a good raise this year. Especially the VP of PE. No COPQ on any of the errors listed in title and nobody held accountable. Stock price as stagnent as a swamp. Jeff will give his atta boy speach in a few days we are executing our playbook to perfection. I hope the money managers hold him to task he never really answers any of their questions just give them double talk out of his mouth. Make sure to have your conference call bingo card available and play along. I hope the board of directors are listening and s–t can his a-s soon.

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Post ID: @OP+1aoOlPRC

7 replies (most recent on top)

If Halliburton had met expectation the CEO and his cronies would have doubled their bonuses while you minions get a filter cake for your hard work. Suck it up the end is near.

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Post ID: @6oxm+1aoOlPRC

Sad. Q1 results better than expected and the stock is down 5%. What would have happened if they only met expectations?

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Post ID: @5ozo+1aoOlPRC

"Don't worry, uncle.Dave will take down center point before little Jeff cleans out the Halliburton coffers along with his management team."

You are undoubtedly correct in that Uncle Dave IS "the man behind the curtain", since Jeffie has NOT really demonstrated any 'leadership skills", and it would NOT be the first time that Halliburton has 'borrowed' technology that some other company has developed.

However, one has to wonder, should Halliburton come out on the losing end, would they have enough money to pay the judgement against them.

One has to wonder how these E-frac spreads are powered on location, does the service company buy, or rent the generators to supply the electrical power, OR, does the customer have the electrical supplier set up a portable substation on location. (Which would allow the service company to brag about "cutting costs" since the substation would NOT be coming out of their pocket.

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Post ID: @3svy+1aoOlPRC

Don't worry, uncle.Dave will take down center point before little Jeff cleans out the Halliburton coffers along with his management team.

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Post ID: @2sjo+1aoOlPRC

Halliburton and ERCOT joining forces . What could go wrong with Texas È-Frac.

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Post ID: @1yoj+1aoOlPRC

https://www.reuters.com/business/energy/us-well-services-files-e-frac-patent-suit-against-halliburton-cimarex-energy-2021-04-15/

April 15, 2021 4:42 PM MDT

  1. S. Well Services files e-frac patent lawsuit against Halliburton, Cimarex Energy

Liz Hampton

Oilfield firm U.S. Well Services filed a patent infringement lawsuit against rival Halliburton Co (HAL.N) and shale oil producer Cimarex Energy Co (XEC.N) on Thursday, alleging they infringed its electric fracking patents.

The lawsuit, which seeks unspecified damages and costs, alleges Halliburton's all-electric fracturing fleet violates several U.S. Well Services' patents for electric pumps and pumping systems, and monitoring and control systems.

Halliburton said it had just received the lawsuit and was reviewing it. Cimarex Energy did not immediately reply to a request for comment.

The action comes as electric fracking, or e-frac as it is often called, has won greater interest among oil and gas producers seeking to reduce carbon emissions. The technology uses natural gas or the grid to power hydraulic fracturing equipment.

There are a handful of oilfield service companies that own and operate e-frac equipment, including U.S. Well Services and rival Evolution Well Services. E-frac fleets can be costly to build - running up to $60 million apiece compared with as little as $30 million for diesel-powered systems.

Halliburton Chief Executive Jeff Miller had said the company would be "slow" to move on the technology because of its cost. In January, however, Halliburton said it had deployed the industry's first grid-powered fracturing system for Cimarex Energy in the Permian Basin, the top U.S. shale field.

There are fewer than 20 electric frac spreads in the United States, according to consultancy Primary Vision, representing a fraction of the 206 active frac fleets. U.S. Well Services is running five e-frac spreads, while Evolution Well Services runs seven, according to Primary Vision.

Other hydraulic pumping firms, such as NexTier Oilfield Solutions Inc (NEX.N) and ProPetro Holding Corp (PUMP.N), are also exploring the technology, they have said.

One industry observer said e-frac providers are also in greater demand as their technology has been shown to be effective. "They’re showing the efficiencies that were promised with e-frac – and they’re finally manifesting" cost and environmental benefits, said George O'Leary, managing director at Tudor, Pickering, Holt & Co.

The case is U.S. Well Services vs Halliburton, Cimarex Energy, U.S. District Court for Western District of Texas, No. 21-cv-00367.

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Post ID: @1hzt+1aoOlPRC

Wasn't aware of this. Is there a link to an article detailing the specifics?

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Post ID: @lzm+1aoOlPRC

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