Electric Fracker U.S. Well Services Begins Public Trading Friday

If all goes as planned, this Friday U.S. Well Services (USWS), a company that specializes in fracking shale wells using gas-fired electric (as opposed to diesel) engines, will begin to trade its stock publicly. USWS has operations in the Marcellus/Utica, as well as other plays. Does the company sound familiar? Last week we told you that Pittsburgh-based driller Huntley & Huntley has contracted with USWS to frack the wells it is drilling (see Huntley & Huntley to Use Gas-Powered Electric Fracking in SWPA). Although USWS is “going public,” it’s not doing so via an IPO (initial public offering). Instead, “blank check” firm Matlin & Partners Acquisition Corp. is investing in (essentially buying out) USWS and taking it public. Top management at USWS will mostly stay in place. What’s that? What’s a “blank check” company?
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US Well Services Lays Off Nearly 50 in Jane Lew, WV

cutting jobsU.S. Well Services, headquartered in Houston, TX but with a sizable office in Jane Lew, WV, is an oilfield services company providing hydraulic fracturing services in unconventional oil and natural gas basins–including the Marcellus and Utica Shale. According to their website, U.S. Well Services operates both diesel and electric fracking fleets. On Wednesday, with no warning, they laid off most of their workers in the Jane Lew office–just under 50 people, meaning the company was not required to give advance notice under the WARN Act. Here’s what happened on Wednesday, what U.S. Well Services calls an “unfortunate reduction”…
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