U.S. Well Services and Range Resources Corp. Finalize Extension of Electric Frac Contract

Rhea-AI Summary

U.S. Well Services (Nasdaq: USWS) announced an extension of its contract to provide electric hydraulic fracturing services for Range Resources Corp (NYSE: RRC) in the Appalachian Basin.

This partnership aims to enhance Range's development strategy while minimizing emissions, noise, and fuel consumption. U.S. Well Services' innovative Clean Fleet® technology supports this initiative, promising operational efficiencies and reduced customer fuel costs compared to traditional diesel fleets. Both companies are committed to advancing environmental goals, including achieving net-zero greenhouse gas emissions.

Positive

• Extension of contract with Range Resources enhances long-term business prospects.
• Utilization of Clean Fleet® technology reduces emissions and operational costs.
• Strengthens partnership with a top-tier E&P operator, enhancing market credibility.

Negative

• None.

HOUSTON, Jan. 11, 2021 /PRNewswire/ -- U.S. Well Services, Inc. (Nasdaq: USWS) today announced it has finalized an extension of its contract to provide electric hydraulic fracturing services for Range Resources Corp. (NYSE: RRC) in the Appalachian Basin.

"We are excited to continue working for Range with our revolutionary Clean Fleet® electric hydraulic fracturing solution," said Joel Broussard, U.S. Well Services' President and Chief Executive Officer.  "Together our companies have partnered to execute Range's development strategy while continuing to reduce emissions, noise and fuel consumption required of well completions.  Range is a top-tier E&P operator, and we look forward to supporting their completions program."

"Range is a leader in capital efficiency, well costs and reducing emissions intensity thanks to the implementation of advanced technologies like U.S. Well Services' electric fracturing fleet.  This partnership allows us to improve our class-leading well costs, while helping to make substantial progress towards our ambitious goal of net-zero greenhouse gas emissions," said Jeff Ventura, Range Resources' President and Chief Executive Officer.

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-range-resources-corp-finalize-extension-of-electric-frac-contract-301205611.html

SOURCE U.S. Well Services, Inc.

FAQ

What recent contract extension did U.S. Well Services announce?

U.S. Well Services announced an extension to provide electric hydraulic fracturing services for Range Resources in the Appalachian Basin.

How does the Clean Fleet® technology impact U.S. Well Services' operations?

The Clean Fleet® technology reduces emissions, noise, and fuel consumption, improving operational efficiencies.

What is Range Resources' goal regarding greenhouse gas emissions?

Range Resources aims to achieve net-zero greenhouse gas emissions through advanced technologies like U.S. Well Services' electric fracturing fleet.

What ticker symbols are associated with U.S. Well Services and Range Resources?

U.S. Well Services is traded under the ticker symbol USWS, while Range Resources is traded as RRC.

When was the contract extension between U.S. Well Services and Range Resources announced?

The contract extension was announced on January 11, 2021.