NexTier and National Oilwell Varco Announce Agreement to Partner on Field Test of Electric Frac System
November 18 2020 - 6:30AM
Business Wire
NexTier Oilfield Solutions Inc. (NYSE: NEX) (“NexTier”) and
National Oilwell Varco, Inc. (NYSE: NOV) (“NOV”) today announced
that the two companies recently entered into an agreement to
collaboratively field test NOV’s electric fracturing system known
as the Ideal™ eFrac fleet.
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The Ideal eFrac fleet provides efficient, environmentally
conscious hydraulic fracturing capabilities that dramatically
reduce emissions, equipment, and complexity at the well site.
Under the terms of the agreement, NexTier and NOV will
collaborate to test the operational capability of the Ideal eFrac
prototype in the field and under normal operating conditions. The
agreement provides NexTier the option to transform from the test
phase to the future purchase of the first Ideal eFrac fleet
manufactured by NOV.
“NexTier is excited to partner with a company the caliber of NOV
as we explore potential additional wellsite emissions reducing
technologies to complement our market leading dual fuel gas powered
fleet,” said Robert Drummond, President and Chief Executive Officer
of NexTier. “This partnership to test NOV’s advanced eFrac
technology progresses our journey of identifying the best solutions
for NexTier and its customers, and evidences our commitment to
further reducing our carbon footprint. By aligning with a quality
partner like NOV and its Ideal technology, we have the ability to
significantly lower the risk associated with next generation eFrac
adoption and its deployment. We are proud of our progress and
commitment to provide innovative solutions for the benefit of
customers, employees, communities and investors.”
“We appreciate the opportunity to advance our Ideal e-Frac
technology with the help of the team at NexTier, a leading provider
of completions services to the oil and gas industry,” said Clay
Williams, President and Chief Executive Officer of NOV. “NexTier is
helping make completions technologies cleaner, quieter, and more
efficient, which are solutions that oil and gas producers
increasingly prefer. Utilizing abundant natural gas to generate
electricity, and applying NOV’s technology to drive clean, quiet
operations, further strengthens NexTier’s position as an industry
leader.”
About NexTier Oilfield Solutions
Headquartered in Houston, Texas, NexTier is an industry-leading
U.S. land oilfield service company, with a diverse set of well
completion and production services across the most active and
demanding basins. Our integrated solutions approach delivers
efficiency today, and our ongoing commitment to innovation helps
our customers better address what is coming next. NexTier is
differentiated through four points of distinction, including safety
performance, efficiency, partnership and innovation. At NexTier, we
believe in living our core values from the basin to the boardroom,
and helping customers win by safely unlocking affordable, reliable
and plentiful sources of energy.
About NOV
NOV is a leading provider of technology, equipment, and services
to the global oil and gas industry that supports customers’
full-field drilling, completion, and production needs. Since 1862,
NOV has pioneered innovations that improve the cost-effectiveness,
efficiency, safety, and environmental impact of oil and gas
operations. NOV powers the industry that powers the world. Visit
www.nov.com for more information. Information on the Company’s
website is not part of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20201118005378/en/
NexTier Investor Contact: Kenneth Pucheu Executive Vice
President - Chief Financial Officer (713) 325-6000
NOV Investor Contact: Blake McCarthy (713) 815-3535
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