U.S. Well Services and EQT Corporation Finalize Long-Term Electric Fracturing Contracts

Rhea-AI Summary

U.S. Well Services (Nasdaq: USWS) announced the execution of two contracts with EQT Corporation (NYSE: EQT) to expand its electric fracturing services. These agreements extend the current contract for one electric frac fleet and introduce a second fleet on a contracted basis, potentially leading to multi-year dedications if all options are taken. This move highlights EQT's commitment to utilizing U.S. Well Services’ Clean Fleet® technology, which enhances operational efficiency and reduces emissions compared to traditional diesel fleets.

Positive

• Expansion of electric fracturing services shows strong demand from EQT.
• Contracts may lead to multi-year fleet dedications, ensuring revenue stability.
• EQT's reliance on Clean Fleet® technology underscores its commitment to efficiency and environmental stewardship.

Negative

• None.

HOUSTON, Jan. 13, 2021 /PRNewswire/ -- U.S. Well Services, Inc. (Nasdaq: USWS) today announced it has executed two contracts to expand its electric fracturing services for EQT Corporation (NYSE: EQT).  Under the terms of the agreements, U.S. Well Services extended its existing contract for one electric frac fleet and will also deploy a second electric frac fleet on a contracted basis.  Both contracts represent multi-year fleet dedications if all optional extensions are exercised.

"We are pleased to broaden our relationship with EQT and provide an additional electric fracturing fleet to support its completion program," commented Joel Broussard, U.S. Well Services' President and Chief Executive Officer.  "EQT is a best-in-class E&P operator, and their decision to expand their use of the Clean Fleet® technology is further evidence of their commitment to efficiency and environmental stewardship."

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.

Contacts:
U.S. Well Services
Josh Shapiro
Vice President, Finance and Investor Relations
IR@uswellservices.com

Dennard Lascar Investor Relations
(713) 529-6600
USWS@dennardlascar.com

View original content:http://www.prnewswire.com/news-releases/us-well-services-and-eqt-corporation-finalize-long-term-electric-fracturing-contracts-301207220.html

SOURCE U.S. Well Services, Inc.

FAQ

What new contracts did U.S. Well Services execute with EQT Corporation?

U.S. Well Services executed two contracts to expand its electric fracturing services for EQT Corporation, including an extension of an existing contract and deployment of a new electric frac fleet.

How do the new contracts affect U.S. Well Services' business?

The new contracts with EQT may lead to multi-year fleet dedications, providing revenue stability and showcasing increased demand for electric fracturing services.

What is the significance of Clean Fleet® technology for U.S. Well Services?

Clean Fleet® technology enhances operational efficiencies, reduces emissions, and provides cost savings, making it attractive for companies like EQT.

What are the stock symbols for U.S. Well Services and EQT Corporation?

U.S. Well Services trades under the symbol USWS, while EQT Corporation trades under the symbol EQT.