Schlumberger no longer doing CHK wells?

I heard that SLB is no longer servicing CHK in Ohio? If that is true it is a big change because SLB has been servicing CHK wells in Ohio for years. Does anybody know that this is true? Would love to know the reason why and who took over the account.

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Permalink Reply by Dexter Green on July 22, 2015 at 3:28pm

Service companies are getting squeezed.  SLB might not have been willing to accommodate CHK's proposed price reductions.  

Mike MurphyPermalink Reply by Mike Murphy on July 22, 2015 at 8:23pm

CHK probably cant pay their bills .........it looks like they are about to go belly up and their ohio acreage will probably soon be up for sale just like they sold 400,000 thousand acres to southwestern in pa and wva.......I look for southwestern to buy ohio acreage soon CHK stock is below 10 bucks a share  and they stopped paying dividends on common stock   SLB needs their money when its due not when CHK decides to pay  so they got to back away and go where the money is good Service companies are getting squeezed

Permalink Reply by Tusc-county-man on July 22, 2015 at 11:15pm
Chk. Will be bought
Mike MurphyPermalink Reply by Mike Murphy on July 23, 2015 at 2:33am

I look for southwestern to buy ohio acreage .....they already have pa and wv......

Chesapeake Energy (NYSE: CHK) closed today at US$9.29 per share which is just $0.05 above it's 52-week low of US$9.24 after announcing that they will be ending the annual dividend for common share stocks.  This is being reported by several sources including the Huffington Post, Reuters, and Bloomberg News.

The action was taken by CHK's CEO, Doug Lawler (full name Robert Douglas Lawler).

Lawler is quoted as claiming they still have $2 Billion in unrestricted cash and $4 Billion line of credit.

Earlier this year they claimed they had $9 Billion to play with.  That's $3 Billion gone in half a year.

They still have leases that have to be renewed over the next 8-12 months that will cost them approximately $700 Million based on the signing bonus payouts from 2011.  They used those leases as collateral for $500 million mortgage and as an incentive to get Total SA to buy in for $1.25 Billion into CHK Utica LLC.

There will be at least 2 companies that will be really upset if CHK doesn't renew

Sounds like they are on the road to bellying up ......with oil and gas prices this low they cant recover enough revenue to keep going .....first of many big boys to bit the dust

Permalink Reply by Daryl Brown on July 23, 2015 at 5:09am
Dexter gets the award for logic and Mike gets the award for Best Actor.
Permalink Reply by SparrowHawk on July 25, 2015 at 7:18am

I don't know where the rumor started but Schlumberger is still fracking for Chesapeake in Ohio, West Virginia and PA

 

Mike MurphyPermalink Reply by Mike Murphy on July 25, 2015 at 11:31am

REGGIE where u getting your information from??????????

Mike MurphyPermalink Reply by Mike Murphy on July 28, 2015 at 12:38am

been since Saturday and no reply to where he got his info guess reggies info was just hear say  maybe bar room bull....

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