On March 2, 2022, U.S. Well Services Inc. (USWS) filed SC 13D/A: General statement of acquisition of beneficial ownership – amendment, with the U.S. SEC. Consequently, the stock advanced further in the after-hours session on Wednesday while it remained bullish in the regular session as well.
The regular session saw a huge volume of 2.67 million shares compared to its average volume of 984.2K shares. The USWS stock closed the session in the green at a price of $1.39 per share. Thus, the stock added a value of 8.59% or $0.11 during regular trading. Following the SEC filing, the stock continued to rise as it added a further 15.11% in the after-hours. Hence, USWS had a value of $1.60 per share in the after-hours on Wednesday while 818.12K shares exchanged hands.
Founded in 2012, U.S. Well Services Inc. provides high-pressure and hydraulic fracturing services in oil and natural gas basins. Currently, the company has a market capitalization of $67.01 million with 52.35 million shares outstanding.
USWS’ Electric Frac Contract
On February 18, USWS announced entering into a contract for the provision of electric pressure pumping services to Olympus Energy LLC. Olympus Energy develops natural gas resources in the core of Marcellus and Utica share formations, southern Pennsylvania.
According to the terms of the contract, the company will be operating a Clean Fleet® for Olympus through 2022, on a contracted basis. Moreover, the terms also include optional extensions for up to two additional years.
Contract with XCL Resources
On February 07, the company announced a contract for electric pumping services provision to XCL Resources LLC in Uinta Basin. As per the terms of the agreement, the company would provide a new build Nyx Clean Fleet®. The Nyx Clean Fleet® would work for XCL for up to three years on a contracted basis including optional extensions.
USWS’ Q4 2021 Financials
On February 01, the company declared its preliminary unaudited results for Q4 2021.
In Q4 2021, USWS had total revenue between $38 to $39 million with adjusted EBITDA of $(6)-$(8) million.
Furthermore, the company had $9-$10 million of capital expenditure in the quarter on an accrual basis.
On December 31, 2021, the company had total liquidity of $20 million which included $9 million of cash and restricted cash.
Additionally, the company also reduced its outstanding principal balance on senior secured term loans to $120.7 million at the end of the quarter.
