NexTier Announces Successful Field Testing of NOV Electric Frac System
NexTier Oilfield Solutions (NYSE: NEX) and NOV, Inc. (NYSE: NOV) have successfully completed the initial phase of field testing for NOV's Ideal™ eFrac pump. The pump, designed to enhance hydraulic fracturing while minimizing emissions, operated over 300 hours and facilitated 172 stimulation stages. The system is versatile, functioning on various electrical sources. Both companies plan further trials to advance low-carbon operational goals in the oil and gas sector.
- Successful completion of initial field testing for Ideal™ eFrac pump.
- Achieved over 300 operating hours and completed 172 stimulation stages.
- Demonstrates commitment to reducing carbon emissions and advancing ESG strategies.
- None.
HOUSTON, March 18, 2021 /PRNewswire/ -- NexTier Oilfield Solutions Inc. (NYSE: NEX) ("NexTier" or the "Company") and NOV, Inc. (NYSE: NOV) ("NOV") today announced the recent completion of the first phase of field testing of NOV's electric fracturing system known as the Ideal™ eFrac pump. The Ideal eFrac pump provides efficient, environmentally conscious hydraulic fracturing capabilities that dramatically reduce emissions, equipment, and complexity at the well site.
The field test, completed on behalf of a major operator, was comprised of more than 300 operating hours with an average of more than 18 pumping hours per day, including the completion of 172 stimulation stages at rates up to 22 barrels per minute. The Ideal™ eFrac system is capable of operating on a variety of electrical sources, including turbine power generators, reciprocating gas engines, grid power, or battery power. As part of ongoing collaboration, NexTier and NOV expect to undergo three additional field trials on behalf of major operators.
"This successful field test advances NexTier's ESG strategy and further demonstrates NexTier's leadership in reducing carbon emissions at the wellsite," said Robert Drummond, President and Chief Executive Officer of NexTier. "As part of this important collaboration, we are excited to leverage our top-tier operational background with NOV's world-class technological and manufacturing capabilities which furthers our shared commitment to responsible low carbon operations."
"We are pleased by the performance of the Ideal™ eFrac technology in this initial phase of our field testing," said Clay Williams, President and Chief Executive Officer of NOV. "We value our partnership with NexTier with whom we find alignment in our vision for low carbon operations facilitated by technological innovation."
About NexTier Oilfield Solutions
Headquartered in Houston, Texas, NexTier is an industry-leading U.S. land oilfield service company, with a diverse set of well completion and production services across the most active and demanding basins. Our integrated solutions approach delivers efficiency today, and our ongoing commitment to innovation helps our customers better address what is coming next. NexTier is differentiated through four points of distinction, including safety performance, efficiency, partnership and innovation. At NexTier, we believe in living our core values from the basin to the boardroom, and helping customers win by safely unlocking affordable, reliable and plentiful sources of energy.
About NOV
NOV is a leading provider of technology, equipment, and services to the global oil and gas industry that supports customers' full-field drilling, completion, and production needs. Since 1862, NOV has pioneered innovations that improve the cost-effectiveness, efficiency, safety, and environmental impact of oil and gas operations. NOV powers the industry that powers the world. Visit www.nov.com for more information. Information on the Company's website is not part of this release.
Contacts
NexTier Investor Contact:
Kenneth Pucheu
Executive Vice President - Chief Financial Officer
Marc Silverberg, Partner (ICR)
investors@nextierofs.com
NOV Investor Contact:
Blake McCarthy
(713) 815-3535
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SOURCE NexTier Oilfield Solutions
FAQ
What was announced in the press release on March 18, 2021, regarding NEX and NOV?
What are the benefits of the Ideal™ eFrac pump tested by NexTier and NOV?
How many stimulation stages were completed during the field test of the Ideal™ eFrac pump?
What is the expected future collaboration between NexTier and NOV?
What electrical sources can the Ideal™ eFrac system operate on?
