HOUSTON, April 9, 2012 /PRNewswire/ -- C&J Energy Services, Inc. (NYSE: CJES) today announced that management will be participating in a series of meetings with institutional investors in Seattle, Portland, Los Angeles and San Francisco during the week of April 9, 2012. An updated slide presentation is available on the Company's website at www.cjenergy.com and also has been furnished on Form 8-K with the SEC.
C&J also reported that it took delivery of a new 32,000 horsepower hydraulic fracturing fleet, which is expected to be deployed in mid-April for spot market work in the Eagle Ford Shale in South Texas and the Permian Basin in West Texas. By initially deploying this new fleet to operate on a spot market basis, C&J has the opportunity to demonstrate the efficiency of its operations to additional customers, and develop new long-term relationships. C&J believes that the Permian Basin is currently one of the most active areas in the U.S. and that the growing use of horizontal drilling to develop the region's new deeper oil zones will further broaden its exposure to new customers.
The recent sharp decline in natural gas prices continues to drive oil and gas operators and the oilfield service providers to focus their operations on oily and liquids rich basins, including those in which C&J operates. As new equipment is moved into those basins, there is increased competition, which has already resulted in some downward pressure on spot pricing in the first quarter as well as some delays in customer activity as oil and gas operators realign their plans with the changing market dynamics. C&J is confident that its superior execution and focus on customer service will continue to drive demand for its services.