Houston-based U.S. Well Services said May 24 it expects to become the first publicly traded, pure-play electric completions services provider by the end of this year. The company announced its commitment to becoming an all-electric hydraulic fracturing services provider and to exit the diesel frac market by YE 2021. “We are excited to execute on our strategy and become fully electric,” Joel Broussard, president and CEO, said. “This is a pivotal time for our company and our industry, and USWS is choosing to invest for the future and focus on a segment of the market that offers attractive growth and returns.”
The company’s portfolio now includes five electric frac fleets, including its original Clean Fleet built in 2014. USWS expects to replace all diesel-powered frac equipment with new generation NYX Clean Fleets with a goal of reaching 11 electric fleets by YE 2023 at a cost of about $23 million per fleet.
U.S. Well Services also said it has agreed to sell certain diesel-powered hydraulic fracturing equipment to a private buyer for $21 million with additional negotiations in progress to sell the majority of its remaining diesel fracturing equipment.