U.S. Well Services, Inc. and Range Resources Corporation Sign Electric Frac Contract
HOUSTON and FORT WORTH, Texas, Jan. 29, 2020 (GLOBE NEWSWIRE) -- U.S. Well Services, Inc. (Nasdaq: USWS) today announced it has executed a contract to provide electric hydraulic fracturing services for Range Resources Corp. (NYSE: RRC) using its next-generation Clean Fleet® technology, which runs on electric power generated by natural gas turbine generators on the wellsite. Under the terms of the agreement, U.S. Well Services will support Range Resources in the development of its Appalachian asset base on a dedicated basis into 2021.
Joel Broussard, U.S. Well Services’ President and Chief Executive Officer commented, “We are excited to partner with Range Resources. The Company is a best-in-class E&P operator with a proven track record of success, and U.S. Well Services looks forward to deploying our revolutionary electric fracturing technology to assist them in their development plans. This contract demonstrates both organizations’ dedication to operational excellence and environmental stewardship.”
“Range has a record of deploying innovative technologies and solutions across our operations,” said Jeff Ventura, Range Resources CEO & President. “U.S. Well Services’ state-of-the-art fleet will help support our peer-leading emission reductions goals, realize significant fuel savings and reduce associated sound levels, all while utilizing clean-burning natural gas to power our operations.”
“Our Clean Fleet® technology is changing the hydraulic fracturing industry, enabling significant fuel cost savings, improved operating efficiencies and reduced carbon emissions for our customers. We are enthusiastic about the prospect of sharing these benefits with Range Resources,” concluded Mr. Broussard.
About Clean Fleet® technology
Clean Fleet® technology operations are cleaner, quieter, safer, and more accommodating to neighboring communities.
Our patented Clean Fleet® technology significantly reduces greenhouse gas emissions and dramatically decreases sound pollution, while also reducing fuel costs as much as 90%. These reductions are achieved by replacing all conventional diesel engines and diesel fuel with electric motors powered by natural gas generators.
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.
U.S. Well Services
Vice President, Finance and Investor Relations
Dennard Lascar Investor Relations
Source: U.S. Well Services, Inc.
Released January 29, 2020