The Financial Post reported that half of the 41 fracking companies in the US will be dead or sold by the end of the year due to the huge decrease in spending by oil companies, according to an executive with Weatherford International Plc (NYSE:WFT).

The Financial Post reported that half of the 41 fracking companies in the US will be dead or sold by the end of the year due to the huge decrease in spending by oil companies, according to an executive with Weatherford International Plc (NYSE:WFT).

As quoted in the market news:

There could be about 20 companies left that provide hydraulic fracturing services, Rob Fulks, pressure pumping marketing director at Weatherford, said in an interview Wednesday at the IHS CERA Week conference in Houston. Demand for fracking, a production method that along with horizontal drilling spurred a boom in U.S. oil and natural gas output, has declined as customers leave wells uncompleted because of low prices.

There were 61 fracking service providers in the U.S., the world’s largest market, at the start of last year. Consolidation among bigger players began with Halliburton Co. (NYSE:HAL) announcing plans to buy Baker Hughes Inc. (NYSE:BHI) in November for US$34.6 billion and C&J Energy Services Ltd. (NYSE:CJES) buying the pressure-pumping business of Nabors Industries Ltd. (NYSE:NBR).

Click here to read the full Financial Post report.

Featured
US-Based National Car Retailer, Which Purchases up to 48,000 Vehicles Annually, Joins Powerband/D2D Virtual Auction Platform

PowerBand Solutions Inc. (TSXV:PBX) is pleased to announce its partner D2D Auto Auction LLC (“D2D”) has reached an agreement with a U.S. national car retailer to purchase used vehicles on D2D’s virtual auction platform.

PowerBand Solutions Inc. (TSXV:PBX)(OTCQB:PWWBF)(Frankfurt:1ZVA) (“PowerBand”, “PBX” or the “Company”) is pleased to announce its partner D2D Auto Auction LLC (“D2D”) has reached an agreement with a U.S. national car retailer to purchase used vehicles on D2D’s virtual auction platform.

The agreement to purchase used vehicles on the D2D auction platform is with one of the United States largest used-vehicle retailers, operating over 140 dealerships in 12 states. The retailer purchases up to 48,000 vehicles annually, which it then sells to consumers. D2D’s goal is to place as many as possible of those 48,000 vehicles on its virtual auction platform. The virtual auctions are also accessible to Dealers – and soon U.S. consumers – through the Company’s Driveaway App.

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Humanigen announced that the first COVID-19 patient has been dosed in its previously announced Phase III study.

Humanigen (OTCQB:HGEN) announced that the first COVID-19 patient has been dosed in its previously announced Phase III study.

The goal of the study is to determine if lenzilumab, the company’s proprietary anti-GM-CSF monoclonal antibody, can be used in the treatment of COVID-19.

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The New Rochelle Police Department has entered into a subscription agreement for the company’s Watchman vehicle recognition software. 

Rekor Systems (NASDAQ:REKR) announced that the New Rochelle Police Department has entered into a five year, $225,000 subscription agreement for the company’s Watchman vehicle recognition software.

As quoted in the press release:

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