THE WOODLANDS, TX (June 19, 2018) – Evolution Well Services and CNX Resources Corporation (NYSE: CNX) are pleased to announce a three-year agreement for a 56,000 HHP 100 percent electric fracturing fleet.
Tim Dugan, Chief Operating Officer of CNX commented, “We’re excited to be a first-mover on something that could be a real game changer, and the first company in this basin to commit to such technology on a long-term basis. This has the potential to be the next step change in the efficiency frontier and exactly the kind of technological disruption we’re focused on across the board.”
During the first quarter of 2018, Evolution and CNX began negotiating a long-term agreement to utilize one of Evolution’s 100 percent electric, natural gas-fueled, gas turbine-powered fracturing fleets for strategic basin development.
Evolution’s General Counsel, Gregory Brown, stated, “Throughout the negotiation process, CNX clearly recognized the unique value of Evolution’s technology. We are excited that they have chosen to work with us and look forward to working with them to deploy our evolutionary technology into a market that recognizes the value we bring to clients with our patent-protected technology.”
Evolution’s proven electric pressure pumping equipment is able to save operators up to 95 percent on fuel costs, while operating well below the Environmental Protection Agency’s Tier 4 emission standards. Evolution currently has six electric fleets operating or under construction, representing a total of over 300,000 HHP of capacity.
About Evolution Well Services:
Evolution provides 100 percent natural gas-fueled, electrically-powered pressure pumping equipment, utilizing a proprietary system that generates electric power from best-in-class, clean burning mobile gas-turbine generator technology fueled by locally supplied field gas and alternate natural gas sources. For more information, visit www.EvolutionWS.com.
About CNX Resources Corporation:
CNX Resources Corporation (NYSE: CNX) is one of the largest independent natural gas exploration, development and production companies, with operations centered in the major shale formations of the Appalachian basin. The company deploys an organic growth strategy focused on responsibly developing its resource base. As of December 31, 2017, CNX had 7.6 trillion cubic feet equivalent of proved natural gas reserves.
The company is a member of the Standard & Poor’s Midcap 400 Index. Additional information may be found at www.cnx.com.
Various statements in this release, including those that express a belief, expectation or intention, may be considered forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenues, income and capital spending. When we use the words “believe,” “intend,” “expect,” “may,” “should,” “anticipate,” “could,” “estimate,” “plan,” “predict,” “project,” or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe strategy that involves risks or uncertainties, we are making forward-looking statements. The forward-looking statements in this press release, if any, speak only as of the date of this press release; we disclaim any obligation to update these statements. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks, contingencies and uncertainties relate to, among other matters, the factors discussed in the 2017 Form 10-K under “Risk Factors,” as updated by any subsequent Form 10-Qs, which are on file at the Securities and Exchange Commission.
Evolution Well Services