U.S. Well Services, Inc. (USWS) stock down by 18.27% in the aftermarket, what’s going on?

U.S. Well Services, Inc. (USWS) has experienced a decrease of 18.27% in the aftermarket. Yet the last trading session closed at $0.7586 with a downfall of 3.6%.

USWS announced Second-quarter 2021 Financial Results

USWS announced second-quarter 2021 financial results on 11 August 2021.

• The company issued Convertible Senior Notes worth $125.5 million, raising $86.5 million in gross cash proceeds.
• ProFrac Manufacturing, LLC got a five-year option to acquire up to 20 licenses to create electric fleets utilizing Clean Fleet technology, valued at up to $165 million;
• Plans to create four new all-electric Nyx Clean Fleets, with deliveries starting in Q1 2022, were announced.
• In the first quarter of 2021, there were 7.9 fully utilized fleets on average, compared to 8.8 fully utilized fleets in the previous quarter.
• $78.8 million in total sales, up from $76.3 million in the first quarter of 2021.
• $17.7 million in net loss attributable to the company, compared to $20.6 million in the first quarter of 2021.

Seneca Resources Company and U.S. Well Services Announce All-Electric Well Completion Field Trial

USWS announced their partnership on 29^th July 2021 on a six-well pad in Lycoming County, inside Seneca’s Eastern Development Area, that will complete utilizing USWS’ Clean Fleet technology.

Firstly, Seneca’s first well completions utilizing all-electric fracturing technology began in mid-July. Secondly, it’s the latest indication of the company’s commitment to reducing greenhouse gas emissions also commenced in the same period. Lastly, Seneca’s research of available low-carbon well-completion equipment analyses emissions data from real-time good stimulation activities.

Upcoming Electric Fracturing Work

USWS Announced Upcoming Electric Fracturing Work for Pioneer Natural Resources on 27^th July 2021. Pioneer Natural Resources Company will benefit from the deployment of an all-electric Clean Fleet. The electric fleet will support Pioneer’s Midland Basin completion activities in the fourth quarter of 2021.

Moreover, the company is ecstatic to be collaborating with Pioneer on this field experiment. According to the firm, Pioneer is not only a best-in-class Permian Basin operator, but it has also assumed a leadership position in the oil and gas sector by pledging to reduce greenhouse gas emissions. Last but not the least, Pioneer will decrease completion costs while simultaneously decreasing the emissions intensity of its operations.

USWS commits to Purchase 120 Electric Motors Totaling 360,000 HHP

USWS stated on 30^th June 2021 that it has committed to purchase 60 Power Cubes from AmeriMex Motor & Controls. Two 3,000 HHP electric motors, two variable frequency drives, a power transformer, and other components combine to form a self-contained power center in each unique Power Cube. The Power Cubes will deliver in the third quarter of 2021, according to USWS.