NexTier and Seneca Resources Enter Agreement for Electric Powered Emerald™ fracturing system in Appalachian Basin
HOUSTON, Sept. 01, 2022 (GLOBE NEWSWIRE) -- 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 .
About NexTier Oilfield Solutions:
Headquartered in Houston, Texas, NexTier () 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 Statements
Certain 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
