U.S. Well Services, Inc. and EQT Corporation Finalize Long-Term Electric Frac Contract
08 Abril 2020 - 05:15PM
U.S. Well Services, Inc. (Nasdaq: USWS) today announced it has
executed a long-term contract to provide electric hydraulic
fracturing services for EQT Corporation (NYSE: EQT) using its
next-generation Clean Fleet® technology. Pursuant to the
terms of the agreement, U.S. Well Services will provide a dedicated
electric hydraulic fracturing fleet to support EQT’s completions
activity for three years if all optional extensions are exercised.
“U.S. Well Services is pleased to announce that
we have formalized our partnership with EQT following its
successful trial of the Clean Fleet® technology beginning in the
fourth quarter of 2019,” said Joel Broussard, U.S. Well Services’
President and Chief Executive Officer. “EQT is the largest
producer of natural gas in the United States and is a best-in-class
E&P operator. The decision to contract an electric
fracturing fleet from USWS is a testament to EQT’s unyielding focus
on decreasing completion costs and improving efficiencies while
minimizing its environmental impact.”
“We are excited to strengthen our partnership
with U.S. Well Services and utilize their innovative,
next-generation Clean Fleet® frac technology,” said Toby Z. Rice,
EQT President and Chief Executive Officer. “This partnership will
allow EQT to capture proven operational efficiencies to deliver on
our well cost targets, while decreasing our carbon footprint and
opening the door for future innovation as we evolve the way we
operate. This agreement secures one-third of our planned activity
levels, preserving EQT’s operational flexibility for the
future.”
“Clean Fleet® offers unparalleled advantages to
our customers through fuel cost savings, operating efficiencies and
an industry leading reduction in noise and greenhouse gas
pollution. We look forward to working with EQT to ensure full
realization of these benefits,” concluded Mr. Broussard.
About U.S. Well Services, Inc.
U.S. Well Services, Inc. is a leading provider
of hydraulic fracturing services and a market leader in electric
fracture stimulation. The Company’s patented electric frac
technology provides one of the first fully electric, mobile well
stimulation systems powered by locally-supplied natural gas,
including field gas sourced directly from the wellhead. The
Company’s electric frac technology dramatically decreases emissions
and sound pollution while generating exceptional operational
efficiencies, including significant customer fuel cost savings
versus conventional diesel fleets. For more information visit:
www.uswellservices.com. Information on our website is not part of
this release.
Forward-Looking Statements
The information above includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
historical facts, included herein are forward-looking statements.
These forward-looking statements may be identified by their use of
terms and phrases such as “may,” “expect,” “believe,” “intend,”
“estimate,” “project,” “plan,” “may,” “anticipate,” “will,”
“should,” “could,” and similar terms and phrases. Although the
Company believes that the expectations reflected in these
forward-looking statements are reasonable, they do involve certain
assumptions, risks and uncertainties. These forward-looking
statements represent the Company’s current expectations or beliefs
concerning future events, and it is possible that the results
described in this release will not be achieved. These
forward-looking statements are subject to certain risks, including
the ability and willingness of the Organization of Petroleum
Exporting Countries (“OPEC”) and non–OPEC countries, such as
Russia, to set and maintain production levels and prices for oil,
and the impact of epidemics, pandemics or other major public health
issues, such as the COVID–19 coronavirus, as well as the other
risks, uncertainties and assumptions identified in this release or
as disclosed from time to time in the Company’s filings with the
Securities and Exchange Commission (the “SEC”). Factors that could
cause actual results to differ from the Company’s expectations
include changes in market conditions and other factors described in
the Company’s public disclosures and filings with the SEC,
including those described under “Risk Factors” in its annual report
on Form 10-K filed on March 5, 2020 and in our quarterly reports on
Form 10-Q. As a result of these factors, actual results may differ
materially from those indicated or implied by forward-looking
statements.
Any forward-looking statement speaks only as of
the date on which it is made, and, except as required by law, the
Company does not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. New factors emerge from time to time,
and it is not possible for us to predict all such factors.
Contacts:U.S. Well ServicesJosh ShapiroVice
President, Finance and Investor RelationsIR@uswellservices.com
Dennard Lascar Investor RelationsLisa
Elliott(713) 529-6600USWS@dennardlascar.com
Source: U.S. Well Services, Inc.
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