Surge Energy America and NexTier Oilfield Solutions Announce Record-Breaking Completion Efficiency and Emissions Reductions Through Strong Partnership

Rhea-AI Summary

Surge Energy and NexTier Oilfield Solutions achieve record-breaking completion efficiency in Q2 2023, resulting in reduced cycle times and cost savings. NexTier's natural gas-powered frac fleets contribute to lower fuel costs and emissions. Surge's use of recycled produced water surpasses 5 billion gallons, demonstrating commitment to ESG principles.

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• Surge Energy and NexTier Oilfield Solutions achieve record-breaking completion efficiency in Q2 2023, setting a Surge quarterly company record for highest completed lateral feet per day at 2,733. Surge has achieved over 2,650 lateral feet per day average for the year, resulting in reduced cycle times and substantial cost savings. NexTier's natural gas-powered frac fleets enable lower fuel costs and emissions. Surge's use of recycled produced water for completions operations surpasses 5 billion gallons, demonstrating commitment to ESG principles.

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HOUSTON, Aug. 17, 2023 /PRNewswire/ -- Surge Energy US Holdings Company ("Surge" or the "Company") announces jointly with NexTier Oilfield Solutions ("NexTier") record-breaking completion efficiency in the second quarter as well as emissions reductions.

Surge has utilized a NexTier completion crew as the Company's dedicated crew since the fourth quarter of 2022.  In the second quarter of 2023, the NexTier crew set a Surge quarterly company record for the highest completed lateral feet per day at 2,733.  For the year the Company has achieved over 2,650 lateral feet per day average.  This efficiency results in reduced cycle times that accelerate wells online as well as substantial cost savings.

"Surge has a culture that places high standards on safety, excellence, and teamwork which we also expect from our service providers," stated Kade McCollough, Surge's Manager of Production and Completions Engineering. "NexTier has embraced this culture which is evident through this efficiency record.  We look forward to continued success through this relationship with NexTier in the future."

NexTier's strategy of providing industry-leading natural gas-powered frac fleets enables lower cost of fueling and lower emissions through significantly reduced diesel usage and subsequent emissions.  This, along with Surge's extensive use of recycled produced water for completions operations which started in 2017 and recently surpassed 5 billion gallons of fresh water conserved is a testament to Surge's dedication to our ESG principles and goals. 

"Our commitment to choosing the right partner with the right equipment and our continued focus on preserving fresh water and reducing emissions is something we are very proud of here at Surge," stated Chris Alonzo, Senior Vice President, Development and Operations.

Robert Drummond, President and Chief Executive Officer of NexTier, affirmed, "We are immensely proud to be Surge Energy's provider of choice, and this record-breaking accomplishment serves as a testament to our joint commitment of elevating completions efficiency while also reducing emissions. As NexTier, we are driven by the mutually aligned goals of innovation and sustainability, and we eagerly anticipate our continued collaboration with Surge Energy in advancing industry boundaries."

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 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 Surge Energy

Surge Energy is an independent oil and natural gas company focused on the development, exploitation, production, and acquisition of oil and natural gas reserves in the Midland Basin of West Texas, one of three primary sub-basins of the Permian Basin.  The Company is headquartered in Houston, Texas, and currently holds approximately 161,000 net acres in the Permian Basin as of year-end 2022.  For more information, visit our website at www.SurgeEnergyA.com.

Contact Information

For Surge:
Travis Guidry
Vice President of Corporate Development & Investor Relations
Email: TGuidry@surgeenergya.com
Phone: 832-333-2339

Investor Relations
Email: InvestorRelations@surgeenergya.com
Phone: 832-333-2400

For NexTier:
Mike Sabella
Vice President – Investor Relations
Email: Michael.Sabella@NexTierOFS.com
Phone: (713) 325-6000

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SOURCE NexTier Oilfield Solutions

FAQ

What is Surge Energy's completion efficiency record in Q2 2023?

Surge Energy achieved a record-breaking completion efficiency in Q2 2023, setting a company record for the highest completed lateral feet per day at 2,733.

How much lateral feet per day has Surge Energy achieved on average for the year?

Surge Energy has achieved over 2,650 lateral feet per day on average for the year.

What is the significance of NexTier's natural gas-powered frac fleets?

NexTier's natural gas-powered frac fleets contribute to lower fuel costs and emissions.

How much recycled produced water has Surge Energy used for completions operations?

Surge Energy has used over 5 billion gallons of recycled produced water for completions operations, demonstrating their commitment to ESG principles.