Schlumberger and Halliburton, the two largest service firms, have offered operators the option to “work now and get paid later.” According to Goiteresquire, the new offer amounts to the service firms acting in response to the new normal. Halliburton saw its profit for the second quarter fall by more than a half billion dollars from a year before, and backed by $500 million in cash from asset manager ThirdRock, has purchased a few kegs of beer, several bags of chips and cartons of cigarettes and gone up to sit on the roof, kick back and wait it out. There has been no confirmation of rumors that a supply of picante sauce is to be delivered to the facility.
4 replies (most recent on top)
Are y'all full of crap or just stupid? Both companies are offering to frac wells for no charge in exchange for a percentage of the output. Standard business practice in other sectors to provide capital in exchange for percent of profit. This doesn't have a damn thing to do with rig hands pay. This site went to shit a long time ago.
Total bs! That's illegal!
This is great business strategy. do an I-O-U financing agreement which the small players can't offer when money it tight. Then like some loan shark, prevent them from using a different vendor till all old debts are paid.
Mild or hot......lol nothing surprises me with hallibuton.