USWS - U.S. Well Services plans exit from diesel frac market by year-end 2021

U.S. Well Services (USWS) +26.3% post-market after saying it plans to become an all-electric hydraulic fracturing services provider and expects to have fully exited the diesel frac market by year-end 2021.The company says it expects to become the first publicly-traded pure-play electric completions services provider.As a first step, U.S. Well says it has agreed to sell certain diesel-powered hydraulic fracturing equipment to an unnamed privately-held buyer for $21M, and is in active negotiations for further sales.U.S. Well says it expects to generate at least $100M of cash from non-core asset divestitures, with the proceeds going to reduce debt and help fund the buildout of its next-generation all-electric fracturing fleets.The company's current portfolio includes five electric frac fleets, and it sets a goal of reaching 11 electric fleets by the end of 2023.While EBITDA margins are good, U.S. Well Services' stockholders quity is negative and it has debts of close to

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U.S. Well Services plans exit from diesel frac market by year-end 2021