U.S. Well Services Inc. (NASDAQ: USWS) today announced that it has signed an electric frac fleet contract with Apache Corporation. Under the terms of the contract, USWS will begin operations for Apache in the second quarter of 2019 in the Permian basin utilizing USWS’ next generation, rapid deploy new build electric frac fleet. The signing of this agreement marks the third customer to commit to utilize USWS’ patented, next generation, electric frac technology.
As previously announced, USWS is building three new electric fleets, all of which are now under contracts that begin in the first half of 2019. USWS continues to advance commercial contract discussions with numerous additional customers for further new electric fleets and plans to build these fleets as contracts are signed. USWS has secured the long-lead lead items required to successfully deploy additional new build electric frac fleets in 2019, beyond the three currently under construction.
Max Easley, Operations Vice President for Apache Permian commented, “We look forward to working with USWS in 2019 and through a combination of their operations and safety excellence, and the utilization of their 2nd generation electric fleet, we can further expand our established track record of continual capital efficiency improvements and cycle time reduction.”
“We are proud to announce the electric frac fleet contract signing with Apache, a highly respected oil and gas producer with efficient operations and a deep commitment to responsible environmental stewardship,” said Joel Broussard, President and Chief Executive Officer of USWS. “This contract is yet another validation of USWS’ proprietary electric frac fleet technology, which continues to gain momentum in the market given its significant benefits for customers. We look forward to working closely with the Apache team to provide safe operations with lower emissions, reduced noise, and improved operational efficiencies, along with substantial customer fuel savings through the use of natural gas sourced directly from the field,” Mr. Broussard concluded.
About U.S. Well Services
U.S. Well Services Inc. (USWS) is a leading provider of hydraulic fracturing services and a market leader in electric fracture stimulation. USWS’ 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. USWS’ 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.
About Apache Corporation
Apache Corporation is an oil and gas exploration and production company with operations in the United States, Egypt and the United Kingdom. The Permian Region is one of Apache’s core growth areas with over 2.8 million gross acres with exposure to numerous plays across the basin. Estimated proved reserves in the Permian of 681 MMboe at year-end 2017, representing 58 percent of the Company’s worldwide reserves. For more information on Apache visit: www.apachecorp.com To view Apache’s 2018 Sustainability Report visit: www.apachecorp.com/Sustainability. Information on Apache’s website is not part of this press release.
U.S. Well Services Inc.
Kyle O’Neill, T: 832-562-3730
Chief Financial Officer