Page 11 - NorthAmOil Week 44 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

$35mn of various forms of equipment related
financing outstanding.
Matt Wilks, ProFrac’s executive chairman,
commented: “ProFrac has created a market
leader in NextGen frac solutions with an
expected 44 active fleets by the first quarter
of 2023, including 12 electric fleets and over
13 Tier IV dual fuel fleets. This acquisition of
U.S. Well Services solidifies ProFrac’s position
as the industry leader in electric hydraulic
fracturing, which we believe represents the
future of the industry.”
Select Energy Services and our Water Infrastructure segment officer, added, “We are excited to welcome
Ladd Wilks, ProFrac’s chief executive
achieved quarterly revenue more than 10%
announces acquisition above our previous pre-pandemic peak level. the U.S. Well Services team to the ProFrac
family. We are eager to leverage our scale
Overall, I’m very pleased with our financial
of Breakwater Energy and operational execution and believe we are and capabilities along with our Clean Fleet®
technology and we intend to make ProFrac
well positioned to continue to improve the
Partners, reports third- profitability of the business in the quarters to THE electric fleet provider in the US.”
come.”
PROFRAC HOLDING, November 01, 2022
quarter 2022 financial base business, we identified and completed
“In addition to these improvements in the
results and provides other the acquisition of Breakwater, a core Permian ENERGY TRANSITION
infrastructure, recycling and logistics
operational and acquisition business, to further our growth, consolidation Carbon Assessors
and sustainability strategies, while our Cypress
updates transaction adds to our infrastructure scale increases price
and development opportunities in the Bakken.
Select Energy Services, a leading provider of With these additions, we have meaningfully transparency of Alberta
sustainable water and chemical solutions to enhanced our Water Infrastructure and
the energy industry, today announced the Water Services footprints, and significantly TIER Carbon Market
acquisitions of Breakwater and certain water expanded the capacity and reach of our
gathering pipeline and disposal assets from sustainable recycling solutions. We expect to Carbon Assessors has broadened its coverage
Cypress, as well as its financial and operating see immediately accretive benefits from both of one of the largest Carbon Compliance
results for the quarter ended September 30, acquisitions and believe we have a meaningful markets in North America – Alberta TIER
2022. opportunity to invest organically around the (Technology Innovation and Emissions
John Schmitz, chairman of the board, acquired operations and asset footprints as Reduction). By adding price points to the
president and CEO, stated: “Our strong well.” complex market for Alberta TIER carbon
third quarter results, combined with our SELECT ENERGY SERVICES, November 02, attributes, Carbon Assessors is shining a light
recent acquisitions, display our ability to 2022 on a once opaque market.
execute on our strategy to improve and The TIER market regulates facilities that
bolster the base business, advance our ProFrac Holding closes emit 146+ mn tonnes of CO2e annually.
technology, sustainability and diversification Produced in Alberta, carbon attributes trade
efforts, and execute on strategic M&A. We on US Well Services across 10+ industrial sectors and are typically
progressed each of these initiatives while sold to high-emitting facilities. 8.97mn TIER
also commencing our previously announced acquisition carbon attributes have been traded year to
regular quarterly dividend programme. date making this one of Canada’s most active
Reinforced by a steady activity backdrop, ProFrac Holding announced today that carbon markets.
a challenging labour market and a tight it has closed on its acquisition of US Well Carbon Assessors’ new monthly
equipment supply environment, we continue Services (USWS) in a stock-for-stock merger assessments give the basket price of TIER
to capture market share and see pricing transaction. As a result of this transaction, carbon attributes traded on a spot basis.
improvements across each of our segments. ProFrac issued an aggregate of approximately Price discovery is conducted across TIER
During the third quarter we achieved 12.9mn shares of the company’s Class A to uncover transaction data, which is then
12% sequential revenue growth and 59% common stock to holders of USWS Class A processed through a compliance methodology
incremental gross margins, resulting in common stock, USWS Series A preferred to ensure data accuracy. A final price is
significantly improved profitability with net stock, USWS equity-linked convertible notes assessed and shared to customers along with
income and adjusted EBITDA growing 70% and USWS equity awards. The equity issued, statistical data. Results are reported to aid not
and 32%, respectively, quarter over quarter. based on the ProFrac Class A Common only large emitting facilities and their trade
“Our Chemicals segment continues to Stock 10-day VWAP as of October 31, 2022, risk-management teams, but also to bring
produce record revenue and margins, we would be approximately $270mn. In addition, price transparency to project developers and
continue to improve efficiencies and gain ProFrac is using cash to retire approximately small emitting facilities to participate in the
market share in our Water Services segment, $170mn of USWS debt, leaving approximately market with confidence.

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