HOUSTON and PITTSBURGH, April 08, 2020 (GLOBE NEWSWIRE) -- U.S. Well Services, Inc. (Nasdaq: USWS) today announced it has executed a long-term contract to provide electric hydraulic fracturing services for EQT Corporation (NYSE: EQT) using its next-generation Clean Fleet® technology. Pursuant to the terms of the agreement, U.S. Well Services will provide a dedicated electric hydraulic fracturing fleet to support EQT’s completions activity for three years if all optional extensions are exercised.
“U.S. Well Services is pleased to announce that we have formalized our partnership with EQT following its successful trial of the Clean Fleet® technology beginning in the fourth quarter of 2019,” said Joel Broussard, U.S. Well Services’ President and Chief Executive Officer. “EQT is the largest producer of natural gas in the United States and is a best-in-class E&P operator. The decision to contract an electric fracturing fleet from USWS is a testament to EQT’s unyielding focus on decreasing completion costs and improving efficiencies while minimizing its environmental impact.”
“We are excited to strengthen our partnership with U.S. Well Services and utilize their innovative, next-generation Clean Fleet® frac technology,” said Toby Z. Rice, EQT President and Chief Executive Officer. “This partnership will allow EQT to capture proven operational efficiencies to deliver on our well cost targets, while decreasing our carbon footprint and opening the door for future innovation as we evolve the way we operate. This agreement secures one-third of our planned activity levels, preserving EQT’s operational flexibility for the future.”
“Clean Fleet® offers unparalleled advantages to our customers through fuel cost savings, operating efficiencies and an industry leading reduction in noise and greenhouse gas pollution. We look forward to working with EQT to ensure full realization of these benefits,” concluded Mr. Broussard.
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.
