Diamondback Energy, Inc. (NASDAQ:FANG), Halliburton Company (NYSE:HAL) and VoltaGrid LLC inked a major deal to deploy four advanced electric simul-frac fleets in the Permian Basin.
As part of the agreement, VoltaGrid will deploy its next-generation, high-capacity simul-frac generators and expand its compressed natural gas (CNG) infrastructure at Diamondback Energy's microgrid facility.
This expansion ensures a reliable natural gas supply, especially when pipeline gas is unavailable, enhancing operational reliability while reducing emissions.
The electric simul-frac fleets will combine Halliburton's ZEUS 6,000-horsepower all-electric fracturing technology with VoltaGrid's advanced power generation systems, offering a high-performance, low-carbon solution for the Permian Basin.
This collaboration highlights a significant commitment to clean and efficient energy solutions, with VoltaGrid providing approximately 200 MW of electric power for Diamondback Energy's field operations.
Danny Wesson, Executive Vice President and Chief Operating Officer at Diamondback Energy, said, "The integration of Halliburton's innovative electric fracturing technology and VoltaGrid's cutting-edge power systems allows us to achieve superior performance while significantly reducing our environmental impact."
Nathan Ough, CEO of VoltaGrid, added, "Our expanded infrastructure and advanced power systems provide the reliability and performance required to support the most demanding completion designs while driving meaningful emissions reductions."
Price Action: HAL shares are down 0.11% at $28.86, while FANG shares rose 0.47% at $162.99 at the last check Friday.
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