HOUSTON, March 14,
2022 /PRNewswire/ -- U.S. Well Services (NASDAQ:
USWS) ("USWS" or the "Company") today announced it has finalized an
agreement with a subsidiary of Range Resources Corporation
(NYSE: RRC) ("Range") to extend its existing electric fleet
contract with Range following its expiration in November
2022. Under the terms of the extension, USWS will deploy a
new Nyx Clean Fleet® in November 2022
that will support Range's Appalachian completion program through
the end of 2024.
"U.S. Well Services is proud to continue our relationship with
Range Resources," said Joel
Broussard, USWS' President and CEO. "Range is not only
a best-in-class E&P operator in the Marcellus, but also a
strong partner for USWS. This extension represents our third
contract with Range to provide safe and efficient well completions
since mid-2019. We believe this extension highlights the
value offered by our electric fracturing technology, as rapidly
rising diesel prices and the continued effort to reduce greenhouse
gas emissions are of increasing concern to our customers. We look
forward to delivering the Nyx fleet for Range and demonstrating the
capabilities of our next-generation electric fracturing
technology."
"We are excited to continue our partnership with U.S. Well
Services," said Dennis Degner, Range
Resources, Chief Operating Officer. "This technology is part of
Range's plan to achieve our strategic goal of net zero Scope 1 and
Scope 2 greenhouse gas emissions by 2025. This partnership has also
allowed us to continue our improvement as a leader on capital
efficiency and operational safety in Appalachia."
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 Range Resources
Range Resources
Corporation is a leading U.S. independent natural gas and NGL
producer with operations focused on stacked-pay projects in the
Appalachian Basin. The Company is headquartered in
Fort Worth, Texas. More
information about Range can be found at www.rangeresources.com.
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, including the ability and willingness of the Organization of
Petroleum Exporting Countries ("OPEC") and non–OPEC countries, such
as Russia, to set and maintain
production levels and prices for oil, and the impact of epidemics,
pandemics or other major public health issues, such as the COVID–19
coronavirus, as well as the other risks, uncertainties and
assumptions identified in this release or as 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 and other factors described in the Company's public
disclosures and filings with the SEC, including those described
under "Risk Factors" in its annual report on Form 10-K/A for the
year ended December 31, 2020 filed on
May 17, 2021 and in its 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:
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U.S. Well
Services
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Josh Shapiro, VP,
Finance and Investor Relations
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(832)
562-3730
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IR@uswellservices.com
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Dennard Lascar Investor Relations
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Zach Vaughan
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(713)
529-6600
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USWS@dennardlascar.com
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SOURCE US Well Services