This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

C&J Energy Services Signs Two-Year Contract For Its Sixth Hydraulic Fracturing Fleet

HOUSTON, Oct. 24, 2011 /PRNewswire/ -- C&J Energy Services, Inc. (NYSE: CJES) announced today that it has signed a two-year contract with a large independent E&P company for a 32,000 hp hydraulic fracturing fleet for operations in the Permian Basin on a full month take-or-pay basis.  C&J expects to take full delivery of all pumps and initially ordered ancillary equipment in November 2011 and immediately deploy Fleet 6.  At our customer's request, and as contracted, C&J has ordered a complete second set of ancillary equipment for delivery in January 2012, which will enable Fleet 6 to be utilized as two independent 16,000 hp fleets for vertical completions, in addition to using the full 32,000 hp fleet to conduct horizontal work.  Prior to the delivery of the additional ancillary equipment, C&J anticipates Fleet 6 will be used primarily for vertical completions.  

"As a result of providing prior services, we have demonstrated our superior technical abilities and are now pleased to be entering into a long-term relationship with this top-tier E&P company," commented Josh Comstock, Chairman and Chief Executive Officer.  "Due to the expected mix of horizontal and vertical work in the Permian, we were able to contract a second set of ancillary equipment maximizing the efficiency and utilization of our horsepower by dividing Fleet 6 into two separate fleets when completing vertical wells allowing us to perform two vertical completions simultaneously.  This contract strengthens our position in the Permian Basin by allowing us to expand our presence in an area that has been in our strategic sight for some time. We plan to continue to focus on basins with long-term development potential and exposure to liquid-rich formations where we can apply the expertise of our design engineers and job supervisors to provide customized solutions through extensive front-end technical analysis and planning.

"As we deploy Fleet 6 by December, along with Fleets 7 and 8 that are expected to be delivered in 2012, we continue to focus on attracting, hiring and training dedicated employees to deliver top quality services to our clients.  Our skilled people have increasingly become a key element of our success and are important participants in our growth plans as we expand into new service-intensive basins, utilizing our modern, high-pressure rated equipment.  We are proud that we have recently exceeded 900 employees and are pleased to be able to continue to provide high quality jobs and training at a time when more jobs are needed in this country," concluded Comstock.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,031.14 +43.63 0.26%
S&P 500 1,984.13 -1.41 -0.07%
NASDAQ 4,518.9020 -48.6960 -1.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs