Schlumberger will manage the joint venture and consolidate it for financial reporting purposes. Schlumberger Chairman and CEO Paal Kibsgaard commented, "The joint-venture creates a new industry leader in terms of hydraulic horsepower and multistage completions technologies in North America land, which through its scale offers a cost-effective and highly competitive service delivery platform. OneStim SM is uniquely positioned to provide customers with leading operational efficiency and best-in-class hydraulic fracturing and completions technologies, while at the same time significantly improving full-cycle shareholder returns from this market." Weatherford Chairman William E. Macaulay said, "The OneStim SM joint venture creates a leading unconventional products and services provider in North America land. This transaction will allow Weatherford to deleverage its balance sheet while retaining a significant exposure to the unconventional market.