U.S. Well Services Announces Contract for Nyx Clean Fleet® with XCL Resources
U.S. Well Services (NASDAQ: USWS) has secured a contract with XCL Resources for electric pressure pumping services in the Uinta Basin, potentially lasting up to three years. This agreement will utilize the new Nyx Clean Fleet®, underscoring a commitment to advanced technology for better efficiency and reduced environmental impact. Both companies aim to achieve significant fuel cost savings and lower greenhouse gas emissions through this initiative, marking a pivotal development in responsible asset management in the oil and gas sector.
- Secured a contract with XCL Resources for electric pressure pumping services lasting up to three years.
- Utilization of the Nyx Clean Fleet® enhances operational efficiency and reduces environmental impact.
- The partnership is aimed at significant fuel cost savings and reductions in greenhouse gas emissions.
- None.
HOUSTON, Feb. 7, 2022 /PRNewswire/ -- As previously announced, U.S. Well Services (NASDAQ: USWS) ("USWS" or the "Company") has entered into a contract to provide electric pressure pumping services for XCL Resources, LLC ("XCL") in the Uinta Basin. Under the terms of the agreement, USWS will provide a newbuild Nyx Clean Fleet® to work for XCL on a contracted basis for up to three years if all optional extensions are exercised.
"U.S. Well Services is excited to announce the deployment of the first all-electric fleet to service the Rockies," commented Joel Broussard, the Company's President and CEO. "XCL's commitment to leveraging advanced technologies to improve efficiencies and the environmental impact of its completion program makes it an ideal partner for USWS. We look forward to demonstrating the Nyx Clean Fleet®'s capabilities and delivering significant fuel cost savings along with industry leading reductions in noise pollution and greenhouse gas emissions for them."
"XCL is firmly committed to the responsible and efficient development of our asset base," said Blake McKenna, XCL's President and EVP of Operations. "We are eager to deploy the Nyx Clean Fleet® technology and begin leveraging its ability to deliver cost savings, a reduction in our environmental footprint and advanced data capture capability to drive our completion program forward in 2022."
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.
About XCL Resources
XCL Resources is a private oil and gas company focused on maximizing risk-adjusted returns on assets that require efficient development.
Forward-Looking Statements
The information above includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included herein concerning, among other things, the private placement and the use of proceeds and the expected impact of the transactions on the Company's financial position and prospects, if at all, are forward-looking statements. These forward-looking statements may be identified by their use of terms and phrases such as "may," "expect," "believe," "intend," "estimate," "project," "plan," "may," "anticipate," "will," "should," "could," and similar terms and phrases. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. These forward-looking statements represent the Company's current expectations or beliefs concerning future events, and it is possible that the results described in this release will not be achieved. These forward-looking statements are subject to certain risks, uncertainties and assumptions, including those identified in this release or disclosed from time to time in the Company's filings with the Securities and Exchange Commission (the "SEC"). Factors that could cause actual results to differ from the Company's expectations include changes in market conditions, changes in commodity prices, changes in supply and demand for oil and gas, changes in demand for our services, availability of financing and capital, the Company's liquidity, the Company's compliance with covenants under its credit agreements, actions by customers and potential customers, geopolitical events, public health crises, such as a pandemic, including the COVID-19 pandemic and new and potentially more contagious variants of COVID-19 such as the delta variant, availability of equipment and personnel, supply chain volatility related to sand and water shortages, the potential cancellation or modification of the Company's existing contracts with customers, and other factors described in the Company's public disclosures and filings with the SEC, including those described under "Risk Factors" in our annual report on Amendment No. 1 to our Annual Report on Form 10-K/A for the year ended December 31, 2020 filed on May 17, 2021 and in our subsequently filed quarterly reports on Form 10-Q. As a result of these factors, actual results may differ materially from those indicated or implied by forward-looking statements
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for us to predict all such factors.
Contacts:
U.S. Well Services
Josh Shapiro
Vice President, Finance and Investor Relations
IR@uswellservices.com
Dennard Lascar Investor Relations
Lisa Elliott
(713) 529.6600
USWS@dennardlascar.com
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SOURCE US Well Services
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