NexTier and Seneca Resources Enter Agreement for Electric Powered Emerald™ fracturing system in Appalachian Basin
September 01 2022 - 4:10PM
NexTier Oilfield Solutions Inc. (NYSE: NEX) (“NexTier”) and Seneca
Resources Company, LLC (“Seneca”), the Exploration and Production
segment of National Fuel Gas Company (NYSE: NFG), today announced
the upcoming deployment of NexTier’s first electric Emerald™
fracturing system, a fully integrated electric fracturing fleet
commencing in the first quarter of calendar year 2023.
Operations under the multi-year agreement are
designed to deliver optimal fracturing performance while decreasing
emissions, lowering fuel costs and reducing the equipment
footprint.
Providing electrified completion services on
Seneca well sites in the Marcellus and Utica shale plays of the
Appalachian Basin, the Emerald™ fracturing system, NexTier’s
integrated electric frac and wireline fleet, will receive on-site
power generation from VoltaGrid LLC’s advanced power generation
system featuring proven dynamic response reciprocating natural gas
generators. These generators powering NexTier’s electric Emerald™
fracturing system will be fueled by natural gas produced in the
field by Seneca. Each Emerald pumping unit incorporates two fully
independent 3,000-HHP electric pumps on a single trailer, which
produces abundant pumping power with a smaller equipment footprint
than conventional diesel-powered fracturing fleets.
“NexTier is pleased to align with Seneca for the
deployment of our first electric powered fleet. Our strategy of
providing industry-leading natural gas-powered frac fleets benefits
NexTier and our customers with a reduced emissions profile, lower
fuel cost, improved safety and more efficient completions
operations,” said Robert Drummond, President and Chief Executive
Officer of NexTier. “This initiative demonstrates the forward
thinking and alignment accomplished through our long-standing
relationship with Seneca as our work together progresses from Tier
4 Dynamic Gas Blending technology to electric completions. We are
excited to work hand in hand with Seneca and VoltaGrid to achieve
this milestone in our Low Cost, Low Emissions journey.”
“We have closely followed innovations in
hydraulic fracturing equipment and last year completed a
comprehensive, real-time in-field study evaluating the emissions
generated by various types of completion equipment” Justin Loweth,
President of Seneca Resources, said. “The results of these
field trials provided us with high quality comparative data on the
emissions profile of these completion technologies, supporting our
decision to select NexTier’s electric equipment that aligns with
our long-term sustainability goals, which are focused on the
significant reduction in methane intensity and greenhouse gas
emissions from our operations.”
About National Fuel Gas
Company:
National Fuel is a diversified energy company
headquartered in Western New York that operates an integrated
collection of natural gas assets across four business segments:
Exploration and Production, Pipeline and Storage, Gathering, and
Utility. Additional information about National Fuel is available
at www.nationalfuel.com.
About NexTier Oilfield
Solutions:
Headquartered in Houston, Texas, NexTier
(www.NexTierOFS.com) is America’s premier onshore well-completions
company, offering lower-carbon solutions to optimize oilfield
production. Powered by our AI-driven NexHub™ Digital Center – and
supplemented by our Power Solutions natural gas fueling services –
our integrated operations are proven to reduce fuel costs, improve
efficiencies and decrease emissions. Employing sustainable
practices and equipment throughout our operations, a diverse team
of talented professionals delivers a range of integrated completion
services that, when used in conjunction, can deliver increased
production at an overall lower cost per barrel.
Cautionary StatementsCertain
statements contained herein, including statements identified by the
use of the words “anticipates,” “expects,” “intends,” “plans,”
“predicts,” “projects,” “believes,” “will,” “may,” and similar
expressions, and statements other than statements of historical
facts, are “forward-looking statements” as defined by the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements, including statements contained herein regarding
expectations for the performance of NexTier’s electric fracturing
fleet, involve risks and uncertainties, which could cause actual
results or outcomes to differ materially from those expressed in
the forward-looking statements. While National Fuel’s and NexTier’s
expectations, beliefs, and projections are expressed in good faith
and are believed to have a reasonable basis, actual results may
differ materially from those projected in forward-looking
statements. In addition to other factors, the following are
important factors that could cause actual results to differ
materially from those discussed in the forward-looking statements:
(1) National Fuel’s and NexTier’s ability to estimate accurately
the time and resources necessary to implement new practices; and
(2) the other risks and uncertainties described in National Fuel’s
and NexTier’s Securities and Exchange Commission filings, including
(i) National Fuel’s most recent Annual Report on Form 10-K at Item
7, MD&A, and Quarterly Reports on Form 10-Q at Item 2,
MD&A, under the heading “Safe Harbor for Forward-Looking
Statements,” (ii) NexTier’s most recent Annual Report on Form 10-K
at Item 7, MD&A and Quarterly Reports on Form 10-Q at Item 2,
MD&A and in such reports under heading “Cautionary Statement
Regarding Forward-Looking Statements and Information” and (iii) the
“Risk Factors” included in National Fuel’s and NexTier’s respective
most recent Annual Reports on Form 10-K at Item 1A and in
subsequent Quarterly Reports on Form 10-Q at Item 1A, Risk Factors.
National Fuel and NexTier disclaim any obligation to update any
forward-looking statements to reflect events or circumstances after
the date hereof. Because of these risks and uncertainties, readers
should not place undue reliance on these forward-looking statements
or use them for anything other than their intended purpose.
NFG Contacts:
Brandon Haspett
Analyst Contact
716-857-7697
Rob Boulware
Media Contact
412-548-2572
NEX Contacts:
Kenneth Pucheu
Executive Vice President - Chief Financial Officer
Michael Sabella
Vice President - Investor Relations and Business Development
michael.sabella@nextierofs.com
NexTier Oilfield Solutions (NYSE:NEX)
Historical Stock Chart
From Aug 2024 to Sep 2024
NexTier Oilfield Solutions (NYSE:NEX)
Historical Stock Chart
From Sep 2023 to Sep 2024