Under the terms of the contract, USWS will begin operations for Apache in the second-quarter of 2019 in the Permian Basin utilizing USWS’ next generation, rapid deploy new build electric frack fleet. The signing of this agreement marks the third customer to commit to utilize USWS’ patented, next generation, electric frack technology.
As previously announced, USWS is building three new electric fleets, all of which are now under contracts that begin in the first half of 2019. USWS continues to advance commercial contract discussions with numerous additional customers for further new electric fleets and plans to build these fleets as contracts are signed. USWS has secured the long-lead lead items required to successfully deploy additional new build electric frack fleets in 2019, beyond the three currently under construction.
“We look forward to working with USWS in 2019 and through a combination of their operations and safety excellence, and the utilization of their second generation electric fleet, we can further expand our established track record of continual capital efficiency improvements and cycle time reduction,” Max Easley, operations vice president for Apache Permian, said.
Activist investor Elliott Management offered to buy oil and gas producer QEP Resources in an all-cash deal valued at $2.07 billion, saying that the company is "deeply undervalued."
Overall, 2018 was the Year of Consolidation as several E&Ps agreed to merge throughout the U.S., including inside and outside the prolific Permian Basin.
As a result of the sale to Tallgrass, NGL Energy Partners will exit the Bakken saltwater disposal business as the company shifts its focus elsewhere, primarily to the Permian Basin.