Article content

Oilfield service company Superior Energy Services Inc. on Monday said it will shutter its hydraulic fracturing unit, the second supplier this month to exit a business hammered by slower shale activity.

Last week, Basic Energy Services said it would sell most of its hydraulic fracturing equipment for between $30 million to $45 million, citing weaker activity and pricing that inhibited “the potential for positive free cash flow in the near- to medium-term.”

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Superior Energy Services latest casualty of 'fracking' market downturn Back to video

Oilfield service companies have been hard hit this year by weak oil and gas prices and spending cuts by producers shifting to focus on shareholder returns via cost-savings over production growth.

Hydraulic fracturing uses high-powered pumps to force sand, water and chemicals underground to release trapped oil and gas.

Consultancy Primary Vision Inc. estimates some 150 hydraulic fracturing spreads, which are used to complete oil wells, have been taken off the market since April.