Drilling drought takes toll on small US frackers

Weatherford, Texas

OIL field work was coming in fast when GoFrac doubled its workforce and equipment fleet at the beginning of last year, just one of hundreds of small oil service companies thriving on the revival of US drilling.

Founded in November 2011 with a loan of around US$35 million, the Fort Worth, Texas-based company was by 2014 making nearly that much in monthly revenues, providing the crews and machinery needed by companies including ExxonMobil to frack oil and gas wells from North Dakota to Texas.

Executives flew to meetings across the country in a Falcon 50 private jet, and entertained customers at their suite at the Texas…