USWS - USWS STOCK NEWS

Surge Energy US Holdings has partnered with U.S. Well Services (USWS) for a field trial utilizing USWS' all-electric Clean Fleet® for hydraulic fracturing. This marks Surge’s first use of all-electric technology for well completions, reflecting its commitment to sustainability and reduction of greenhouse gas emissions. USWS aims to showcase operational efficiencies and cost savings compared to traditional diesel fleets through this collaboration. Surge Energy holds approximately 110,000 net acres in the Midland Basin, Texas, and has been recognized among the top oil producers in the state.

U.S. Well Services (USWS) announced its transition to an all-electric hydraulic fracturing service by Q4 2021, aiming to be the first public electric completions provider. The company plans to sell diesel-powered equipment for $21 million and expects over $100 million from asset divestitures to reduce debt and fund electric fleet expansion. With five electric frac fleets currently, USWS plans to increase this to 11 by the end of 2023. CEO Joel Broussard emphasized the benefits of electric technology, including reduced emissions and operational costs.

U.S. Well Services (USWS) has introduced the Nyx Clean Fleet®, an advanced frac pump utilizing the patented PowerCube technology. This system combines two independently controlled electric motors and pumps, delivering 6,000 hydraulic horsepower (HHP) per trailer, with a projected capital cost of $23 million for a full fleet. The Nyx design enhances operational efficiency through predictive maintenance and equipment health monitoring, while reducing the wellsite footprint. This innovation continues USWS's leadership in the electric fracturing market, significantly decreasing emissions compared to traditional diesel units.

U.S. Well Services (NASDAQ: USWS) is set to commence operations on a 5 well pad in Monongalia County, West Virginia, for Northeast Natural Energy LLC (NNE). This marks NNE's inaugural well completion utilizing an all-electric hydraulic fracturing fleet, aimed at minimizing environmental impact. USWS President and CEO Joel Broussard stated that the proprietary Clean Fleet® technology offers significant advantages, including reduced costs, lower emissions, and enhanced safety. The partnership positions USWS as a leader in electric frac technology in the Appalachian Basin.

U.S. Well Services reported first quarter 2021 results, achieving total revenue of $76.3 million, a 59% increase compared to $48.1 million in Q4 2020. The company averaged 8.8 fully-utilized fleets, up from 5.3 fleets in the previous quarter. However, a net loss of $20.6 million was recorded, lower than $29.9 million in Q4 2020. Adjusted EBITDA reached $11.5 million, significantly up from $1.8 million. The severe winter storm in Texas caused an estimated $5.0-$5.5 million in lost revenue. Total liquidity stood at $32.3 million as of March 31, 2021.

U.S. Well Services (NASDAQ: USWS) will announce its Q1 2021 financial results before market opening on May 17, 2021. Following the release, a conference call will be held at 10:00 a.m. CT to discuss the results. Investors can participate via phone or webcast, with a replay available until May 24. U.S. Well Services is recognized for its innovative electric fracturing technology, which reduces emissions and offers significant operational efficiencies compared to conventional methods.

U.S. Well Services (Nasdaq: USWS) announced the need to restate its consolidated financial statements for 2018, 2019, and 2020 due to SEC guidance on accounting for SPAC-related warrants. The corrections are expected to be non-operational and non-cash, having no impact on revenue or operating income. Approximately 24 million warrants remain outstanding, and the company will account for them as liabilities under the new guidance. Despite these changes, U.S. Well Services reports strong demand and maintains confidence in its operations and technology.

U.S. Well Services (USWS) announced a successful electric fracturing field trial with Callon Petroleum, completing over 160 frac stages in 23 days at a Midland Basin site. This trial demonstrated the effectiveness of USWS's Clean Fleet® electric fracturing technology, which helped Callon eliminate more than 270,000 gallons of diesel and significantly reduce emissions of CO2, particulate matter, and NOx. USWS aims to enhance its partnership with Callon and continue delivering efficient and environmentally friendly fracturing solutions.

U.S. Well Services (Nasdaq: USWS) has filed a patent infringement lawsuit against Halliburton (NYSE: HAL) and Cimarex Energy (NYSE: XEC) in the U.S. District Court for the Western District of Texas. The complaint alleges infringement on multiple patents, particularly focusing on electric hydraulic fracturing technologies. U.S. Well Services holds a robust portfolio with 42 granted patents, 4 allowed, and 185 pending. CEO Joel Broussard emphasized the critical importance of defending their intellectual property to maintain a competitive edge in the hydraulic fracturing market.