Back to top

Image: Bigstock

National Oilwell and NexTier Unite to Test Electric Frack

Read MoreHide Full Article

National Oilwell Varco, Inc. (NOV - Free Report) announced that it reached a partnership agreement with fellow oilfield service provider NexTier Oilfield Solutions Inc. (NEX - Free Report) to field-test its electric fracturing system referred to as the Ideal eFrac fleet.

The agreement allows both companies to explore the Ideal eFrac’s operating capacity on-site as well as under normal working terms and conditions. The electric fracturing system offers several effective and eco-friendly hydraulic fracturing techniques, which significantly reduce greenhouse gases, equipment and complications associated with the drilling site. In fact, NexTier has the opportunity to transform from the testing period to the first purchase of the unit developed by it.

Further, the collaboration provides optimization techniques for NexTier and its customers and contributes to reducing its environmental impacts. The application of National Oilwell’s technology and the utilization of natural gas to generate electricity for clean and effective operations bolster NexTier’s strong market position. Notably, the state-of-the-art technology has the ability to significantly reduce the risks associated with the adoption and implementation of the promising technology by future generations.

On its part, National Oilwell is aiming to upgrade its Ideal e-Frac technology with the help of the team at NexTier. The union marks the latest alliance to transform the oilfield services for long-term success to make cleaner, quieter and more efficient completions technologies that oil and gas manufacturers increasingly prefer.

Company Profile & Price Performance

Headquartered in Houston, TX, National Oilwell is a leading oil and gas mechanical and equipment company. The company’s shares have outperformed the industry in the past six months. The stock has gained 9.9% compared with the industry’s 1.4% increase.



Zacks Rank & Stocks to Consider

National Oilwell currently carries a Zack Rank #3 (Hold). Some better-ranked players in the energy space are Highpoint Resource Corp. and DCP Midstream Partners (DCP - Free Report) , presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, the Zacks Consensus Estimate for Highpoint Resource’s 2020 earnings has been raised by 17.2%.

DCP Midstream is expected to see earnings growth of 183.4% in 2021.

Biggest Tech Breakthrough in a Generation

Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.

A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.

See 8 breakthrough stocks now>>

In-Depth Zacks Research for the Tickers Above

Choose a ticker to receive a FREE report - normally $25 each:

NOV Inc. (NOV) - free report >>

DCP Midstream Partners, LP (DCP) - free report >>

NexTier Oilfield Solutions Inc. (NEX) - free report >>