The recent combination of Schlumberger’s, (NYSE:SLB) OneStim business with Liberty Oilfield Service, (NYSE:LBRT) created a colossus in North American fracking . One estimate suggested the combination of these two would result in market dominance with a share at ~20%. That sounds like a lot, but it should be noted that the entire U.S. frac market consists of 85 spreads currently, as of September 11th. This represents an active fleet of about 17 for Liberty, or an equipment utilization rate of about 15% at roughly 30K HHP per spread. The slide above shows some pretty bullish stats in terms of revenue and EBITDA, had the combination been in effect for 2019. It is important for investors to remember, this is 2020, and it’s a different world, as the frac spread count and WTI price graph below indicate. For those who may not follow oil and derivatives closely, we are in […]