SCOTTSDALE, Ariz., Dec. 23, 2015 /PRNewswire/ -- Nuverra
Environmental Solutions, Inc. (NYSE: NES) ("Nuverra" or the
"Company") announced today that it has mutually agreed with XTO
Energy Inc. ("XTO") to terminate its contract for water-related
midstream services in McKenzie County,
North Dakota, due to the dramatic change in market
conditions since the contract was executed in November 2014.
Mark Johnsrud, Chairman of the
Board and Chief Executive Officer, said, "With current low oil
prices and substantially reduced drilling activities, there is
significant uncertainty regarding customer activities in 2016.
Because of these and other factors, we were compelled to end the
contract."
Mr. Johnsrud continued, "We believe this is the most prudent
decision and allows Nuverra to continue working with its customers,
including XTO, as we structure water midstream agreements that
reflect more current market conditions."
Nuverra remains committed to its long-term water midstream
growth strategy. "We have worked diligently during the past year to
secure the necessary rights-of-way and to engage world-class
engineering, procurement, safety, and construction partners for
this particular project," Mr. Johnsrud said. "On a broader level,
we believe investments in water midstream development will bring
valuable infrastructure resources, which will benefit our customers
through reduced costs and increased reliability when market
conditions improve."
About Nuverra
Nuverra Environmental Solutions is among the largest companies
in the United States dedicated to
providing comprehensive, full-cycle environmental solutions to
customers in the energy market. Nuverra focuses on the delivery,
collection, treatment, recycling, and disposal of restricted
solids, water, wastewater, waste fluids and hydrocarbons. The
Company provides its suite of environmentally compliant and
sustainable solutions to customers who demand stricter
environmental compliance and accountability from their service
providers. Find additional information about Nuverra on the
Company's website, http://www.nuverra.com, and in documents filed
with the U.S. Securities and Exchange Commission (SEC) at
http://www.sec.gov.
Forward-Looking Statements
The information contained herein includes certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. These forward-looking statements may include forecasts
of growth, revenues, business activity, pricing, adjusted EBITDA,
pipeline and solids treatment initiatives, and landfill and
treatment facility activities, as well as statements regarding
possible acquisitions, divestitures, financings, business growth
and expansion opportunities, liquidity, availability of capital,
ability to access capital markets, cost-management initiatives,
expected outcome of litigation and other statements that are not
historical facts. Actual results may differ materially from
results expressed or implied by these forward-looking statements.
All forward-looking statements involve risks and uncertainties,
including, difficulties encountered in acquiring and integrating
businesses; uncertainties in evaluating long-lived assets for
potential impairment; potential impact of litigation; risks of
successfully consummating expected transactions within the
timeframes or on the terms contemplated; uncertainty relating to
successful negotiation, execution and consummation of all necessary
definitive agreements in connection with our strategic initiatives;
whether certain markets grow as anticipated; pricing pressures;
risks associated with our indebtedness; current and projected
future uncertainties in commodities markets, including low oil
and/or natural gas prices; changes in customer drilling and
completion activities and capital expenditure plans; shifts in
production in shale areas where we operate and/or shale areas where
we currently do not have operations; control of costs and expenses,
including uncertainty regarding the ability to successfully
implement cost-management initiatives; liquidity and access to
capital; compliance with the terms of agreements governing our
indebtedness; and the competitive and regulatory environment.
Additional risks and uncertainties are disclosed from time to time
in the Company's filings with the SEC, including the Annual Report
on Form 10-K for the fiscal year ended December 31, 2014, as well as Quarterly Reports
on Form 10-Q and Current Reports on Form 8-K.
Liz Merritt, VP-Investor
Relations & Communications
480-878-7452
ir@nuverra.com
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SOURCE Nuverra Environmental Solutions, Inc.