Houston, Texas-based U.S. Well Services, a provider of high-pressure, hydraulic fracturing services in unconventional oil and natural gas basins, has announced that it is selling off its conventional diesel fracturing fleet and is relying on its Clean Fleet electric fracturing systems to continuing to provide more environment-friendly fracturing services.
The transition and declining conditions in the petroleum industry will affect 171 employees, including 108 workers at its Pleasanton, Texas, office and 63 employees at its West San Angelo, Texas, office commencing on July 23, 2021.
According to President and CEO Joel Broussard, "We are excited to execute on our strategy and become fully electric. U.S. Well Services has believed in the superiority of electric technology since our first Clean Fleet was deployed in 2014. Today, we are beginning to realize our vision of going all-electric, reducing a significant amount of our outstanding debt, and streamlining our focus to become the new market leader in our industry."
"By exiting the diesel frac services market, USWS is expected to make great progress in reducing our financial leverage and repositioning our asset portfolio to be the most competitive and environmentally friendly in the business. 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."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?
