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Eagle Ford Minute Nov 5

Schlumberger Estate to Auction Warhol, Picasso, and Rothko Artworks

90 works of art from the estate of Pierre and Sao Schlumberger are slated for auction. According to experts, the entire collection could sell for $85 million or more when it’s auctioned.

Pierre Schlumberger, spent his life accumulating the art works of famous and accomplished artists such as Warhol, Picasso, and Rothko. His fortune came from his father, Marcel, and his Uncle Conrad, who were French engineers that founded Schlumberger Well Services Corp. in the 1930s. Pierre took control of the company in 1953 after his father’s death. Schlumberger Limited (NYSE: SLB) still exists today and is worth $125 billion.

Thanks to the advent of hydraulic fracturing and horizontal drilling, oil services firms are now more valuable than ever… Just this week, Dallas conglomerate Eagle Materials (NYSE: EXP) agreed to acquire CRS Proppants LLC for $225 million. CRS manufactures proppants for fracked wells. These proppants — such as sand — hold open fractures in the rock and allow oil to flow.

The deal will double Eagle Materials’ frac sand production as it attempts to grow its business. Previously, the company had only been working in the Eagle Ford, but now it is looking to move into the Permian Basin in West Texas as well.

For more details visit nobullradio.com. This has been Randy Watson of the No Bull Radio Network for the Eagle Ford Minute.

 

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Updated: November 6, 2014 — 9:18 am
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