U.S. Well Services Inc. has executed a long-term contract on April 8 to provide electric hydraulic fracturing services for EQT Corp. 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,” Joel Broussard, U.S. Well Services’ president and CEO, said. “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.”
“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,” Toby Z. Rice, EQT president and CEO, said.
Recommended Reading
Exclusive: Aethon M&A Gambit Pays Off with Woodside-Tellurian Deal
2024-08-07 - Aethon Energy, already a large LNG feed-gas supplier, sees Woodside’s acquisition of Tellurian and the Driftwood LNG project as a validation of the natural gas industry’s prospects.
Mike Wirth: The ‘Remarkable’ Rise Of Chevron’s Permian Portfolio
2024-08-20 - Chevron aims to grow Permian volumes past 1 MMboe/d in 2025—less than a decade after it averaged less than 100,000 boe/d from legacy holdings in West Texas and New Mexico, Chevron CEO Mike Wirth said.
WoodMac: Are MidEast, Asia NOCs Poised For M&A Resurgence?
2024-07-18 - International M&A spend by national oil companies (NOCs) has dwindled from nearly 50% to less than 5% today. But Wood Mackenzie researchers see NOCs playing a larger role in international M&A in the future.
Oil Producer APA Explores $1B Sale of Permian Assets, Sources Say
2024-08-19 - APA Corp. is exploring the sale of oil and gas drilling properties spread across parts of the Permian basin of Texas and New Mexico, in a deal that could be valued at about $1 billion.
Tourmaline’s $950MM Crew Energy M&A Drills Deeper In Montney
2024-08-12 - Tourmaline Oil is adding high-quality drilling locations in Canada’s Montney Shale with the CA$1.3 billion (US$950 million) acquisition of Crew Energy Inc.