Hydraulic fracturing has experienced rapid transformation over the last several years. The market of the early 2000s and 2010s is a distant memory. In today’s energy economy, operators are seeking to increase value while reducing cost and non-productive time (NPT). Traditional oil and gas energy sources are competing against other investment opportunities and investors are asking energy companies to focus more on returns, cash flow and capital discipline. This focus on financial performance starts at the wellhead, where energy producers look at the cost of a barrel of oil and focus on levers that allow them to reduce the cost of production. This pressure is pushed down through the supply chain, including service companies, suppliers and original equipment manufacturers (OEMs). An ongoing change in the industry is underway to ensure greater better returns.
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