|Over a week ago|
Smart Sand announces 'favorable verdict' in dispute with U.S. Well Services » 11:2406/0406/04/21
Smart Sand (SND)…
Smart Sand (SND) announced that the Superior Court of the State of Delaware issued a verdict in favor of Smart Sand in its lawsuit against a subsidiary of U.S. Well Services (USWS) following the trial that took place in December 2020. In the case, Smart Sand alleged, along with certain other related claims, that U.S. Well breached a multi-year contract under which Smart Sand supplied frac sand to U.S. Well, and claimed total damages of approximately $54M. U.S. Well denied that it breached the contract and asserted counterclaims for the misuse of U.S. Well's confidential information. U.S. Well abandoned its counterclaims after the trial. The court ruled that U.S. Well breached the long-term take-or-pay Master Product Purchase Agreement between the company and U.S. Well by failing to purchase minimum required tonnages of frac sand. The court directed the parties to submit a form of final judgment in favor of Smart Sand and against U.S. Well, which the company said it expects will become publicly available by the end of June 2021. Charles Young, CEO of Smart Sand, said, "We are extremely pleased with the Court's ruling that U.S. Well breached the PPA we negotiated together." Young added that, "while we did not seek this fight, we battled to successfully vindicate our contractual rights once U.S. Well stopped performing its end of the bargain and then refused to pay us for amounts due under our agreement. We will continue to pursue our rights to maximize our recovery under this verdict."
|Over a month ago|
U.S. Well Services expects to exit diesel frac market by Q4, sells equipment » 16:5505/2405/24/21
U.S. Well Services…
U.S. Well Services announced its commitment to becoming an all-electric hydraulic fracturing services provider and expects to have fully exited the diesel frac market by the end of Q4. As a result of this strategic transition, USWS expects to become the first publicly-traded, pure-play electric completions services provider. The company also announced it has entered into a definitive agreement to sell certain diesel-powered hydraulic fracturing equipment to a privately-held buyer for net proceeds of $21M, subject to certain closing conditions. Further, the company is in active negotiations with several counterparties and anticipates entering into a series of additional transactions to sell the majority of its remaining diesel fracturing equipment as well as certain power generation assets. In total, the company believes it should generate in excess of $100M of cash from non-core asset divestitures, with the net proceeds expected to reduce outstanding indebtedness and fund general corporate purposes, including the buildout of USWS' all-electric fracturing fleets.
U.S. Well Services announces next-generation Nyx Cleen Fleet » 19:1305/1905/19/21
The company states:…
The company states: "U.S. Well Services announced the next generation of its proprietary Clean Fleet technology with the unveiling of its newly designed Nyx Clean Fleet(R) frac pump. Nyx will use our patented PowerCube, driving two independently controlled electric motors and frac pumps to provide 6,000 hydraulic horsepower on a single trailer. Based on current pricing from vendors, U.S. Well Services expects that it can deliver a Nyx Clean Fleet, consisting of ten pump trailers totaling 60,000 HHP, two blenders and a combination switchgear for a capital cost of approximately $23M."
U.S. Well Services announces partnership with Northeast Natural Energy » 06:3505/1805/18/21
U.S. Well Services…
U.S. Well Services announced it is preparing to commence operations on a five well pad located in Monongalia County, West Virginia for Northeast Natural Energy. This project will be NNE's first well completion using an all-electric hydraulic fracturing fleet.
U.S. Well Services says working with customers to begin price increases in Q2 » 06:4905/1705/17/21
The company said,…
The company said, "As anticipated, the first quarter of 2021 saw a sharp uptick in activity across the industry as E&P producers responded to higher crude oil prices. U.S. Well Services expects E&P operators to demonstrate capital discipline going forward, which may limit demand for incremental fracturing fleets in the near term. While the active fleet count in the U.S. recovered along with the broader oil and gas market, pricing for conventional diesel-powered frac services has lagged. This segment of the market remains oversupplied and faces unsustainable pricing levels. U.S. Well Services has been actively working with its customers to begin implementing price increases during the second quarter of 2021. The Company is committed to operating with discipline and will only maintain fleets that are priced to meet return and cash flow objectives."
U.S. Well Services reports Q1 EPS (35c), consensus (18c) » 06:4805/1705/17/21
Reports Q1 revenue…
Reports Q1 revenue $76.26M, two estimates $68.6M. Financial results were impacted by approximately seven days of lost work due to the severe and abnormal winter storm impacting Texas in February, resulting in an estimated $5M-$5.5M of lost revenue during that time period "U.S. Well Services delivered another strong quarter, redeploying four fleets to meet the growing demand for our services," commented Joel Broussard, U.S. Well Services' president and CEO. "Our operations in Texas were impacted by the severe winter storm in February that resulted in an average of seven days of lost work for seven of our active fleets. In spite of these challenges, our team performed exceptionally, delivering best-in-class service for our customers."
U.S. Well Services to restate financial statements in response to SEC guidance » 06:4405/1205/12/21
U.S. Well Services…
U.S. Well Services announced that as a result of the recent guidance issued by the Securities and Exchange Commission on April 12, 2021 for all SPAC-related companies regarding the accounting and reporting for their warrants , it will restate its previously issued consolidated financial statements as of and for the years ended December 31, 2018, 2019 and 2020, as well as for the quarterly periods in the years ended December 31, 2019 and December 31, 2020. While the company is actively working to correct its financial statements in accordance with the SEC Statement, there has been no adverse change to its operations, liquidity or business prospects as a result of this correction. Demand remains strong for the Company's services, and it believe it continues to possess the highest spec fracturing fleet in the industry with its proprietary Clean Fleet(R) suite of technologies.
U.S. Well Services files patent suit against Halliburton and Cimarex Energy » 16:1804/1504/15/21
USWS, HAL, XEC
U.S. Well Services (USWS)…
U.S. Well Services (USWS) has filed suit in the District Court for the Western District of Texas - Waco Division for patent infringement against Halliburton Company (HAL) and Cimarex Energy (XEC). The original complaint alleges infringement of multiple U.S. Well Services patents. The alleged infringements are related to U.S. Well Services patents as well as 4 other related patents. U.S. Well Services currently has a portfolio of 42 patents granted, 4 patents allowed, and 185 patents pending.
|Over a quarter ago|
U.S. Well Services reports Q4 EPS (46c), consensus (19c) » 16:1803/1003/10/21
Reports Q4 revenue…
Reports Q4 revenue $48.1M, consensus $49.4M. CEO Joel Broussard said, "The company's proactive response to the COVID-19 pandemic served to preserve liquidity and maintain positive Adjusted EBITDA throughout the year. (...) We continue to see a recovery in demand for hydraulic fracturing services, and in particular for next-generation electric fracturing fleets. As a pioneer and market leader in the electric fracturing market, U.S. Well Services is working diligently with its customers to advance the industry and usher in a new era of cleaner, safer and more efficient completions."
U.S. Well Services regains compliance with Nasdaq minimum bid price requirement » 16:4202/2302/23/21
U.S. Well Services, Inc.…
U.S. Well Services, Inc. announced that it received written notice from the Nasdaq Stock Market LLC on February 22, 2021 confirming that the company has regained compliance with Listing Rule 5550(a)(2) and that it is in compliance with other applicable requirements as required for listing on the Nasdaq. Accordingly, the Panel has determined to continue the listing of the company's securities on Nasdaq.