Schlumberger sheds US shale

Major oilfield services player reshuffles portfolio to cope with dearth of work and spiralling costs

Oilfield services heavyweight Schlumberger is lowering its footprint in US shale, offloading a majority stake in its North American fracking business to smaller rival Liberty Oilfield Services for $448mn. The merger will create the second largest fracking provider in North America, with Schlumberger retaining a 37pc stake.  Schlumberger boasts over half a century in the shale patch. The oilfield services firm has operated pressure pumping businesses in the region since 1949 when the technology was first created. But the capital-intensive nature of shale has driven an exodus in recent years. Peers Baker Hughes and Weatherford divested their stakes back in 2014 when oil prices last collapsed,