U.S. Well Services, Inc. (Nasdaq: USWS), an oilfield well stimulation service provider focusing on high-pressure, hydraulic fracturing services, announced that it has filed a law suit in the United States District Court for the Western District of Texas against Halliburton Company (NYSE: HAL) and Cimarex Energy Co. (NYSE: XEC). The complaint was regarding patent infringement and alleges infringement of several U.S. Well, Services patents.
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At last check-in premarket trading, shares of U.S. Well Services Inc. (USWS) were up 1.73% at $0.836.USWS Stock lost -6.03% to complete the last trading session at $0.82. For the last six months, the stock has gained a total of 149.18%, and over the last three months, the stock has decreased by -10.37%
The complaint alleges infringement of various U.S. Well, Services patents. The alleged infringements are linked to U.S. Well, Services patents consisting of “Systems for Pumping Hydraulic Fracturing Fluid using Electric Pumps”, “Electric Powered Pump Down”, “Systems for Centralized Monitoring and Control of Electric Powered Hydraulic Fracturing Fleet” and 4 more patents which are related. U.S. Well Services presently has an accumulated total of 42 patents granted with 4 patents allowed and 185 patents pending.
Joel Broussard, U.S. Well Services’ President and Chief Executive Officer commented, “The intellectual property covered by these and all of our patents are what separates us from others in the Hydraulic Fracturing market. “
USWS Full Year 2020 Financial Result
The company completed the agreements with their customers to provide electric frac services on a contractual basis with three Clean Fleet® all-electric hydraulic fracturing fleets. Active fleet count was also increased to 5.7 fleets in the fourth quarter of 2020 and the company had higher fleet utilization as demand for frac services had a substantial increment
The company earned a Total revenue of $244.0 million in 2020 compared to $514.8 million in 2019, accounting for a decrease of 53%.Net loss faced by USWSwas $235.7 million for the full-year 2020, vs $93.9 million for 2019.
Costs of services fell by 51% to $187.8 million in comparison to $384.0 million in 2019. The plummet in the cost of services is due to lower activity levels and several cost-cutting initiatives due to the COVID-19 Pandemic.
USWS’s portfolio consists of next-generation electric frac fleets specialize in emission reduction capabilities. The company has also demonstrated operating several electric fleets and developing new intellectual property.
USWS expects hydraulic fracturing prices to recover in the second half of 2021, peaking investor interest for the company. Furthermore, ownership of 42 patents combined attrition of the U.S. fracturing fleet and the continued recovery in demand for crude oil has shown a recoverable stance with USWS stock rising substantially.