Schlumberger’s decision to sell its fracking unit is indicative of what has happened to the U.S. oil and gas industry because of the COVID-19 pandemic.
The move to eliminate the company’s hydraulic fracturing unit in North America and combine it with public company Liberty Oilfield Services in Denver leaves fewer than 100 fracking operations in the U.S. Two years ago, there were more than 400 in the nation.
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