U.S. Well Services Inc. (USWS) stock plunged by 13.8% at the last trading close whereas the USWS stock gains by 2.84% in the after-hours session. USWS is an industry leader in electric fracture stimulation and a leading supplier of hydraulic fracturing services. One of the first fully electric, mobile well stimulation systems operated by locally produced natural gas, including field gas sourced directly from the wellhead, is provided by USWS’s proprietary electric frac technology. Electric frac technology from USWS reduces emissions and noise pollution while achieving excellent operating efficiencies, including substantial fuel cost savings for customers compared to traditional diesel fleets.
What is happening?
On April 16, 2021, USWS announced that it has applied for a patent infringement lawsuit against Halliburton Company and Cimarex Energy Co. in the United States District Court for the Western District of Texas – Waco Division. Infringement of several US Well Services patents is alleged in the initial lawsuit. The alleged patent infringements include “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 four other associated patents. Currently, U.S. Well Services has 42 patents issued, 4 patents authorized, and 185 patents pending.
About this, Joel Broussard, U.S. Well Services’ President and Chief Executive Officer said that these and all of USWS patents protect the intellectual property, which sets USWS apart from the competition in the hydraulic fracturing industry. The protection of USWS intellectual property is critical, and they have taken and will continue to take whatever steps are appropriate to do so.