The recent combination of Schlumberger’s, (NYSE:SLB) OneStim business with Liberty Oilfield Service, (NYSE:LBRT) created a colossus in North American fracking. One estimate suggested the combination of these two would result in market dominance with a share at ~20%. That sounds like a lot, but it should be noted that the entire U.S. frac market consists of 85 spreads currently, as of September 11th. This represents an active fleet of about 17 for Liberty, or an equipment utilization rate of about 15% at roughly 30K HHP per spread. Liberty…
