U.S. Well Services Inc. has executed two contracts on Jan. 13 to expand its electric fracturing services for EQT Corp. Under the terms of the agreements, U.S. Well Services extended its existing contract for one electric frac fleet and will also deploy a second electric frac fleet on a contracted basis. Both contracts represent multiyear fleet dedications if all optional extensions are exercised.
“We are pleased to broaden our relationship with EQT and provide an additional electric fracturing fleet to support its completion program,” Joel Broussard, U.S. Well Services’ president and CEO, said. “EQT is a best-in-class E&P operator, and their decision to expand their use of the Clean Fleet technology is further evidence of their commitment to efficiency and environmental stewardship.”
Plan would allow Platts to include US crude in its benchmark.
Both Brent and WTI contracts surged more than 4% on March 5 after OPEC and allies, together called OPEC+, extended oil output cuts into April, granting small exemptions to Russia and Kazakhstan.
The market has been expecting the OPEC+ group of producers to ease supply cuts but sources say some key members had suggested that oil output across the OPEC+ group should be kept unchanged.