U.S. Well Services, Inc. (USWS) stock declined 7.3% on Friday in the normal trading session at the price of $1.27 despite no recent developments.
USWS is the leader in electric fracture stimulation that provides hydraulic fracturing services. Its electric frac technology produces fully electric and mobile well stimulation systems powered by natural gas.
USWS Announced Agreement with Callon Petroleum
On 7th December 2021, USWS reported signing a contract with Callon Petroleum Company. The company will deliver electric pressure pumping services to the active subsidiaries of CPE in the Eagle Ford Shale and Permian Basin for three years.
President & CEO of USWS, Joel Broussard, remarked that they are pleased to support the long-term completion program of Callon. Their decision of employing an all-electric Clean Fleet as the completion program illustrates CPE’s dedication to environmental security, efficiency, and stewardship. They look ahead to providing best-in-class performance, industry-leading fuel price savings, and GHG emissions reductions.
Chief Operating Officer of CPE, Jeff Balmer, remarked that they are focused on the safe, efficient, and sustainable growth of a multi-zone asset base. The performance of its E-frac pilot this year confirmed that USWS is a highly qualified partner that can advance the joined sustainability efforts. They look onwards to collaborating as part of their completion program in 2022, Mr. Jeff added.
USWS Q3 2021 Financial Results
On 12th November 2021, USWS reported its financial and operational results for the third quarter of 2021. Net loss was $9.6 million for the Q3 ended 30th September 2021. For the Q2 of 2021, the net loss was $17.7 million. Revenue totaled $56.5 million in the third quarter of 2021. Total revenue was $78.8 million for the second quarter of 2021. For the Q3 of 2021, the company had an adjusted EBITDA loss of $(0.5) million.
Joel Broussard commented that they had finalized their exit from the traditional pressure pumping market during the Q3 of 2021. USWS is well-positioned to capitalize on the rising demand for electric pressure pumping services. The team has performed a remarkable job in reducing debt and delivering pressure-pumping solutions.