U.S. Well Services Inc. (NASDAQ: USWS) stock surged by 5.21% at last close whereas the USWS stock price declines by 5.74% in the after-hours trading session. U.S. Well Services is an industry pioneer in electric fracture stimulation and a leading supplier of hydraulic fracking services. One of the first fully electric, mobile well stimulation systems powered by locally supplied natural gas, including field gas sourced directly from the wellhead, is provided by USWS’s proprietary electric frac technology.
What is happening?
U.S. Well Services has announced that it will begin operations on a five-well pad for Northeast Natural Energy LLC in Monongalia County, West Virginia. This will be NNE’s first well completion using a hydraulic fracking fleet that is entirely powered by electricity.
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Mike John, CEO of Northeast Natural Energy commented:
Northeast Natural Energy is committed to reducing their activities’ environmental impact. For NNE, switching to an all-electric hydraulic fracking fleet is a sensible next move, and they’ve been looking into it for a while. NNE leapt at the chance to partner with U.S. Well Services when they heard about the opening. They are honored to be the first private equity-backed exploration firm in the Marcellus to complete completions of a new-generation all-electric fleet.
Joel Broussard, USWS’ President and CEO stated:
Northeast Natural Energy is a major E&P firm in the Appalachian Basin, and U.S. Well Services is proud to partner with them to launch its proprietary Clean Fleet electric frac technology. They claim that their Clean Fleet offers unrivaled advantages to their consumers, such as lower completion costs due to fuel cost reductions, lower greenhouse gas emissions, decreased noise pollution, and improved protection. USWS is excited that Northeast Natural Energy has decided to investigate the possibility of electric fracturing, and USWS looks forward to delivering on NNE’s behalf and growing their relationship in the future.