Latest Thoughts

Just When Everyone Thought Deepwater Was Dead… A Twitch.

This past weekend, we read a half dozen transcripts of earnings calls from the oil majors and national oil companies (NOCs). The big guys are all whistling the same tune. They are successfully re-engineering pending deepwater projects to fit $50 oil (and below). They are ready to clear their final investment decision …

Read More »

Reader Response To Last Mile Research

Our last mile deep dive published earlier this week resulted in the best 24-hour period for signups during Infill Thinking’s short five-month history. We share this not to brag. Instead, we see this as confirmation that the metamorphosis in frac sand’s last mile is indeed transformative with broad implications for the industry …

Read More »

Shale Executive Sentiment Index Proved Prophetic

Late-last year, we introduced our Shale Executive Sentiment Index to try and gauge how management teams from drilling to service to E&P were thinking about growth in 2017. We were able to measure sentiment by quantifying the frequency of references to growth as shale executives spoke to investors. At the time …

Read More »

A Massive Paradigm Shift In Frac Sand’s Last Mile Is Happening Now

Retail giant Amazon and the hydraulic fracturing business have something in common: costly and complex last mile logistics. Distributing proppant requires just as much sophistication as distributing Echo Dots, Yeti Tumblers, and Kleenex. In 2017, more truckloads of sand per well will be pumped than ever before. The frac industry is trying …

Read More »

Can Weatherford & Nabors Steal Schlumberger’s Thunder?

On Wednesday afternoon, Weatherford announced that a new alliance has been formed with Nabors Industries to integrate drilling rigs and services in the US land market. This new service model is something Schlumberger has been talking about and working on for several years now. In this update, we offer our take …

Read More »

Seadrill Bankrupt By February? Confidential Slide Deck Shows They May Take The Plunge…

A restructuring press release from Seadrill on Tuesday sent shares tumbling 29%. The press release said achieving viable restructuring would involve “significant dilution to current shareholders” and noted that the company needs a $1bn lifeline. In this context, down shares 29% is about right. But significant dilution to shareholders in a restructuring …

Read More »

Halliburton Picks A Partner For The Last Mile Dance

Six weeks ago, we identified last mile logistics for frac sand as a potential choke point in the 2017 recovery. Frac sand’s last mile is a tedious dance between operators, trains, trucks, pumps and thousands of tons of sand. Halliburton validated our concerns on Monday evening. There’s a lot more to this …

Read More »

The Who’s Who Of Oilfield Service Product Lines

Last week, we came across a great rundown of oilfield leaders in specific product service lines prepared by EnergyPoint Research. For those new to oilfield services, this list is a great way to get up to speed on who does what. For those that have been around the business for …

Read More »

Is Baker Hughes Over-Innovating?

Baker Hughes seems to be taking an assembly line approach to innovation, focusing on product launch volume as an important KPI. This is in stark contrast to Steve Jobs’ disruptive approach to innovation, where he would focus on a single game-changing idea for years at a time. We’ve recently become …

Read More »

Time To Clear The Yards

The US onshore rig count increased another 19  rigs to 689 running last week. All of this activity coming back means rigs are being moved out of the yards and into the field. This creates a veritable boom for rig movers. We uncovered some proprietary market intelligence on rig moves …

Read More »

I’ll Take The Worst Neighborhoods In O&G For $200, Alex

The hardest sell in the entire O&G industry right now is without question a newbuild offshore rig order. Demand for offshore newbuilds is actually negative. Contractors continue to push out delivery dates, in some cases paying up to avoid taking delivery. With little visibility on a recovery, shipyards are being forced to …

Read More »

Sometimes You Need To Take A Breather

Nothing can go up and to the right forever, especially not the rig count. The US onshore rig count fell back by six units this week. This break is actually a good thing and we explain why and break down the weekly rig count in in this post. To read …

Read More »

Another Day, Another Permian Deal

WPX Energy joined in the Permian deal making fray, announcing a $775mm Delaware Basin acquisition late Thursday. 2017 operating plan announcements from Permian Independents aren’t the standard fare this year. We are used beginning of year E&P operating plans stating capex, production, and drilling program summaries. This year they are …

Read More »

Five Innovation Themes In Completions For 2017

In a related update published last week, we described how the brute force enterprise of nano-darcy E&P is becoming more elegant. Elegance is achieved as sub-surface understanding moves closer to a realistic picture of the reservoir. Enhancing sub-surface understanding is where leading innovators in shale are focused today. They are …

Read More »

One Of Our Buyers Makes A Deal

Last week we published a list of four companies we expect to make oil service acquisitions during 2017. Apparently grass isn’t growing under our buyers feet – less than a week after our preview, one of them has already made a purchase. To read this update and receive our research newsletters, you must …

Read More »