Page 15 - NorthAmOil Week 05 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

Distributable cash flow (DCF), a non- pumping fleets,” said Joel Broussard, the forward to a long-lasting collaboration that
GAAP financial measure that represents the company’s president and CEO. “US Well will have real impact.”
amount of cash generated during the period Services is very excited to deploy the first all- Under the agreement, Equinor and Battelle
that is available to pay distributions, was electric fleet in the Rockies. This Nyx Clean will undertake feasibility studies to examine
$297mn for fourth quarter 2021 compared Fleet® will be used for simul-frack operations, the regional potential for carbon capture and
to $270mn for fourth quarter 2020. Free cash and we look forward to demonstrating its storage (CCS) and collaborate on stakeholder
flow (FCF), a non-GAAP financial measure best-in-class noise and CO2-equivalent outreach.
that represents the amount of cash available emissions footprint over the course of the Battelle is a leader in geologic carbon
for distributions, additional expansion capital project. dioxide capture, use and storage with more
opportunities, equity repurchases, debt “Although our results for the fourth than 100 projects worldwide over the past 20
reduction or other partnership uses, was quarter were significantly impacted by supply years.
$291mn during fourth quarter 2021 versus chain-driven downtime, we are proud of the Equinor has decades of experience with
$226mn during fourth quarter 2020. significant progress the company has made CCS projects of various sizes, from research
“Magellan finished the year with another in reducing its debt load and are confident and development to operations. Since 1996,
strong quarter, generating financial and that USWS is positioned to capitalise on the Equinor has captured and safely stored more
operational results that exceeded our improving energy services market.” than 23mn tons of CO2.
expectations and solidified 2021 as a year US WELL SERVICES, February 01, 2022 EQUINOR, February 01, 2022
of robust demand recovery for the services
we provide,” said Michael Mears, chief Flotek and ProFrac team
executive officer. “During 2021, Magellan ENERGY TRANSITION
returned a record $1.4bn of value to our up to provide sustainable,
investors through a combination of consistent Equinor, Battelle to explore
cash distributions and equity repurchases, vertically integrated
an increase of 19% over 2020, all while Appalachian Basin carbon
maintaining the strength of our sector-leading solutions
financial metrics. Looking ahead, we remain capture, storage potential
focused on maximising investor value, with Flotek Industries, a leader in technology-
proven discipline and a resilient business Equinor has signed a memorandum of driven, specialty green chemistry solutions,
model to serve the nation’s energy needs for understanding (MOU) with leading science announced today it has entered into a long-
years to come.” and technology firm Battelle to advance term agreement with ProFrac Services, the
MAGELLAN MIDSTREAM PARTNERS, February development of a decarbonised regional largest private North American provider
02, 2022 energy cluster in the tri-state region of Ohio, of hydraulic fracturing services, to provide
Pennsylvania, and West Virginia. its full portfolio of sustainable chemistry
“The Appalachian Basin is an important solutions to a dedicated portion of ProFrac’s
SERVICES energy-producing region that also shows hydraulic fracturing fleets.
great promise in being a leader for the The partnership creates a compelling,
US Well Services provides decarbonisation of American industry,” said vertically integrated solution to enable E&Ps
to more sustainably develop natural resources,
Chris Golden, Equinor US country manager.
business and strategy “Our regional hub vision will meet tomorrow’s while reducing the total cost of ownership.
energy demands while maintaining America’s
The agreement leverages ProFrac’s leading
update and announces industrial competitiveness within a net-zero market position and new technologies that
significantly reduce greenhouse gas (GHG)
scenario.”
preliminary selected organisation with extensive experience in emissions and increase efficiency with
“Collaborating with Battelle, a like-minded
Flotek’s green chemistries that reduce the
unaudited financial and key low-carbon initiatives, brings us closer to environmental impact of energy by increasing
customers’ operational and ESG performance
delivering on our ambitions,” Golden said.
operating data for fourth global broad energy company, with offices beyond existing sustainability practices.
The partnership between Equinor, a
Under the terms of the contract, Flotek
quarter 2021 in Hannibal, Ohio and Triadelphia, West will provide full downhole chemistry
Virginia and Columbus, Ohio-based Battelle,
solutions for a required minimum number
US Well Services today provided updates the world’s largest independent research and of fleets for three years. This creates an
on recent commercial activity as well as development company, will enable the timely immediate expected contracted backlog
capital markets and strategic alternatives. The and progressive development of one of the of revenue greater than $230mn, based on
company also announced preliminary selected first low-carbon industrial regions in the estimated chemical volumes and pricing,
unaudited financial and operating highlights United States. and is anticipated to represent annual
for the fourth quarter of 2021. “We’re thrilled to be working on such recurring revenue in contrast to traditionally
“We are pleased with the commercial an important technology challenge with a transactional purchases.
momentum that US Well Services has built, company of Equinor’s stature,” said John FLOTEK INDUSTRIES, February 02, 2022
and believe it demonstrates the continued, Tombari, division manager for Battelle’s
strong demand for all-electric pressure Carbon Management business. “We look

Week 05 03•February•2022 www. NEWSBASE .com P15