USWS - U.S. Well Services: Little Clean Frac Player That Can Go Big

• USWS has embarked on a plan to rapidly grow their active clean fleet count - 1Q22 is the near term nadir with plans to double by year end.
• Longer term contracts have been signed at increasingly attractive rates.
• The balance sheet is overlevered but it is manageable and should look far less stretched next year.
• The company is garnering less sellside attention than it should just as it achieves waypoint after waypoint with a strong macro tailwind.

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