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April 01, 2015 9:48 AM ET

Energy Equipment and Services

Company Overview of U.S. Well Services, LLC

Company Overview

U.S. Well Services, LLC provides well stimulation services to the upstream oil and gas industry. The company offers pressure pumping and related services, including high-pressure hydraulic fracturing in unconventional oil and natural gas basins located in the Marcellus and Utica shales in Ohio, West Virginia and Pennsylvania. U.S. Well Services, LLC was incorporated in 2011 and is based in Houston, Texas.

770 South Post Oak Lane

Suite 405

Houston, TX 77056

United States

Founded in 2011

315 Employees

Phone:

832-562-3730

Key Executives for U.S. Well Services, LLC

Chief Executive Officer, President and Member of the Board of Managers
Age: 58
Vice President of Operations
Age: 57
Vice President of Business Development
Age: 33
Corporate Controller
Compensation as of Fiscal Year 2014.

U.S. Well Services, LLC Key Developments

U.S. Well Services, LLC Enters into a Senior Secured Credit Agreement

On May 2, 2014 (the Closing Date), U.S. Well Services, LLC, U.S.Bank National Association, as administrative agent and collateral agent, and the lenders party thereto (the Lenders), entered into a Senior Secured Credit Agreement, pursuant to which the Lenders (a) provided term loans to the company on the Closing Date in an aggregate principal amount of $180,000,000, (b) will make, upon delivery by the company of a borrowing request during a certain specified period of time and the satisfaction of certain conditions specified therein, delayed draw term loans in a minimum increments of $5,000,000 and in an aggregate amount not to exceed $50,000,000, and (c) may agree, in their sole and absolute discretion, to make additional loans to the company in an amount not to exceed $75,000,000 in the aggregate.

U.S. Well Services, LLC Enters into Third Amendment to Contract to Provide Dedicated Fleet(s) for Fracturing Services with Antero Resources Corporation

On April 23, 2014, U.S. Well Services, LLC entered into a third amendment to contract to provide dedicated fleet(s) for fracturing services dated effective May 1, 2014, with Antero Resources Corporation, amending the company's contract to provide dedicated fleet(s) for fracturing services with Antero dated November 1, 2011, as previously amended by the amendment to the original Antero contract dated September 30, 2013 and the second amendment to the original Antero contract dated January 24, 2014. The Antero contract third amendment augments and amends the pricing terms applicable to four fleets, including three conventional fleets and one clean fleet, provided by the company to perform fracturing services for Antero pursuant to the Antero contract, such that the company will receive a monthly equipment rental charge for each such fleet. Under the terms of the Antero contract third amendment, Antero can reduce such payments to the company to the extent a fleet is unable to work for at least a minimum number of days per month. Antero has the right of first refusal on the use of two additional fleets, whether conventional fleets or clean fleets, at the pricing terms contained in the Antero contract third amendment. The pricing terms set out in the Antero contract third amendment are effective from May 1, 2014 until August 30, 2017, with the option, by the mutual consent of each party, to extend for an additional calendar year.

U.S. Well Services, LLC Announces Unaudited Consolidated Earnings Results for the Quarter and the Year Ended December 31, 2013; Provides Earnings Guidance for the Year 2014

U.S. Well Services, LLC announced unaudited consolidated earnings results for the quarter and the year ended December 31, 2013. For the fourth quarter, the company’s revenues for the fourth quarter of 2013 increased 6.7% to $51,221,031 compared to $48,037,776 for the third quarter of 2013, and increased 138.1% compared to $21,529,572 in the fourth quarter of 2012. Income from operations was $6,621,769 against $2,302,981 a year ago. Income before income taxes was $1,044,558 against loss before income taxes of $1,842,725 a year ago. The company reported net income of $1,044,558 in the fourth quarter of 2013, compared to a net income of $4,215,668 in the third quarter of 2013, and a net loss of $1,842,725 in the fourth quarter of 2012. Earnings (net income) before interest, depreciation and amortization, unit-based compensation and litigation settlement and related legal expenses (adjusted EBITDA), a non-GAAP financial measure, for the fourth quarter of 2013 was $14.4 million, or 28.1% of revenues. This compares to adjusted EBITDA for the third quarter of 2013 of $12.2 million, or 25.4% of revenues, and Adjusted EBITDA of $5.1 million, or 23.7% of revenues for the fourth quarter of 2012. For the year ended December 31, 2013, the company had revenues of $174,312,102, up 234.5% from $52,134,830 for the period from February 21, 2012 (inception) to December 31, 2012. Income from operations was $23,819,804 against loss from operations of $968,579 a year ago. Income before income taxes was $6,031,215 against loss before income taxes of $17,928,928 a year ago. The company reported net income of $6,032,215 for the year ended December 31, 2013, compared to net loss of $17,928,928 for the period from February 21, 2012 (inception) to December 31, 2012. Net cash provided by operating activities was $25,521,720 against net cash used in operating activities of $3,835,487 a year ago. Adjusted EBITDA for the year ended December 31, 2013 was $44.2 million, compared to $5.7 million for the period from February 21, 2012 (inception) to December 31, 2012. Capital expenditures for the year ended December 31, 2013 amounted to $68.5 million, including $9.2 million of accrued but unpaid capital expenditures as of December 31, 2013. The 2013 capital expenditures primarily relate to the acquisition of a third and fourth hydraulic fracturing fleets and additional fracturing equipment. The company provided earnings guidance for the year 2014. For the year, the company’s current guidance for fiscal year 2014 is for revenue between $275 million and $300 million and adjusted EBITDA between $65 million and $75 million.

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