US WELL : Earnings Release Q1 2019

NEWS RELEASE

Contacts:	U.S. Well Services
	Josh Shapiro, VP, Finance and Investor Relations
	[phone]
	[e-mail]
	Dennard Lascar Investor Relations
	Ken Dennard / Lisa Elliott
	[phone]
	[e-mail]

U.S. Well Services Announces First Quarter 2019 Financial

and Operational Results

HOUSTON - May 7, 2019 - U.S. Well Services, Inc. (the "Company", "U.S. Well Services" or "we") (NASDAQ: USWS) today reported first quarter 2019 financial and operational results.

Year to Date 2019 Highlights

• Deployed the Company's first next-generation,all-electric hydraulic fracturing fleet in early January
• Finalized a long-term electric frac fleet contract with Shell that provides for a next-generation electric frac fleet to begin work in Q1 2020 for up to four years
• Successfully completed warrant exchanges resulting in the exchange of 2,925,712 shares of Class A Common Stock for 22,505,365 Public Warrants
• Total revenue increased 18% to $139.8 million compared to $118.4 million in the fourth quarter of 2018
• Net loss attributable to the Company of $22.3 million compared to net loss of $47.3 million in the fourth quarter of 2018
• Adjusted EBITDA(1) increased 43% to $28.0 million compared to $19.5 million in the fourth quarter of 2018
• Averaged 11.0 active fleets during the quarter, on an average of 11.0 fleets available
• Entered into two new debt financings, including a $250 million Senior Secured Term Loan Credit And Guaranty Agreement and a $75 million Asset-Backed Revolving Credit Facility

(1) Adjusted EBITDA is a Non-GAAP financial measure. Please read "Non-GAAP Financial Measures."

"U.S. Well Services continued to execute its long-term strategy during the first quarter of 2019, deploying the first of our next-generation,all-electric frac fleets," said Joel Broussard, President and Chief Executive Officer. "Our electric frac fleets worked for three different customers during the quarter, helping to educate the market as to the benefits of our proprietary electric frac technology, including significant fuel cost savings, efficiency gains, emission and noise reductions and HSE benefits. The new long-term contract we executed with Shell is further evidence of both the increasing interest and rate of adoption for the technology.

The strategic transactions we executed over the course of the last several months, including the successful warrant exchanges and the new debt financings simplified our capital structure and will provide us with the

capital and liquidity to continue to grow our market share in the U.S. hydraulic fracturing industry" concluded Mr. Broussard.

First Quarter 2019 Financial Summary

Revenue for the first quarter of 2019 increased 18% compared to the fourth quarter of 2018 primarily due to an increase in the number of active fleets working. During the quarter, certain of our fleets transitioned to new customers, reducing activity levels as the Company's new customers prepared to begin operations.

Costs of services, excluding depreciation and amortization, for the first quarter of 2019 increased to $109.7 million from $105.8 million during the fourth quarter of 2018 primarily due to higher activity levels and labor costs incurred as the Company began staffing for upcoming fleet deployments.

Selling, general and administrative expense ("SG&A") decreased to $8.6 million in the first quarter of 2019 from $19.6 million in the fourth quarter of 2018. Excluding stock-based compensation and transaction related costs, SG&A in the first quarter of 2019 was $6.5 million compared to $4.6 million in the fourth quarter of 2018. The increase in SG&A was primarily attributable to an increase headcount and professional fees resulting from becoming a public company.

Operational Highlights and Fleet Expansion

During the first quarter of 2019, the Company deployed its first next-generation,all-electric frac fleet in the Eagle Ford, and subsequently deployed the second such fleet in the Permian Basin in April 2019. Currently, the Company has 12 active frac fleets, with two working in the Appalachian Basin, five working in the Eagle Ford and five working in the Permian Basin.

The Company has contracts in place for four next-generation,all-electric fleets. Two are currently deployed, and the remaining two are expected to begin work in the second quarter of 2019 and the first quarter of 2020, respectively.

Balance Sheet and Capital Spending

As of March 31, 2019, total liquidity was $19.4 million, consisting of cash on the Company's balance sheet, and total debt was $210.4 million. Net cash provided by operating activities for the first quarter of 2019 was approximately $13.0 million.

In May, the Company entered into two new debt facilities, consisting of a Senior Secured Term Loan Credit and Guaranty Agreement ("Term Loan Facilities") for an aggregate principal amount of $250 million and a $75 million Asset-Backed Revolving Credit Facility ("ABL Facility") subject to a borrowing base. Proceeds from

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the Term Loan Facilities will be used mainly to repay the Company's existing long-term debt and fund growth capital expenditures. Upon closing, the ABL Facility was undrawn.

Capital expenditures during the first quarter of 2019 on an accrual basis were $155.1 million, which included spending of $107.5 million on growth initiatives, $22.0 million for fleet enhancements and $25.7 million of maintenance capital expenditures. Approximately 31% of first quarter 2019 maintenance capital expenditures was associated with fluid ends.

Outlook

Following the successful deployment of the Company's second next-generation,all-electric frac fleet in April 2019, U.S. Well Services currently has 12 fleets deployed and fully utilized. One additional next-generation,all-electric frac fleet is expected to be deployed during the second quarter of 2019, resulting in 13 active fleets operating for the second half of the year and representing approximately 640,000 HHP.

Conference Call Information

The Company will host a conference call at 9:00 am Central / 10:00 am Eastern Time on Wednesday, May 8, 2019 to discuss financial and operating results for the first quarter of 2019 and recent developments. This call will also be webcast and an investor presentation will be available on U.S. Well Services' website at http://ir.uswellservices.com/events-and-presentations/events.To access the conference call, please dial 201-389-0872 and ask for the U.S Well Services call at least 10 minutes prior to the start time or listen to the call live over the Internet by logging on to the Company's website from the link above. A telephonic replay of the conference call will be available through May 15, 2019 and may be accessed by calling 201-612-7415 using passcode 13690517#. A webcast archive will also be available at the link above shortly after the call and will be accessible for approximately 90 days.

About U.S. Well Services, Inc.

U.S. Well Services, Inc. is a leading provider of hydraulic fracturing services and a market leader in electric fracture stimulation. The Company's patented electric frac technology provides one of the first fully electric, mobile well stimulation systems powered by locally supplied natural gas including field gas sourced directly from the wellhead. The Company's electric frac technology dramatically decreases emissions and sound pollution while generating exceptional operational efficiencies including significant customer fuel cost savings versus conventional diesel fleets. For more information visit: www.uswellservices.com.

Forward-Looking Statements

The information above includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All

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statements, other than statements of historical facts, included herein concerning, among other things, availability under the Company's credit facilities, benefits obtained from the refinancing of the Company's debt, the Company's financial position and liquidity, business strategy and objectives for future operations, results of discussions with potential customers and planned deployment and operation of fleets, are forward-looking statements. These forward-looking statements may be identified by their use of terms and phrases such as "may," "expect," "guidance," "estimate," "project," "plan," "believe," "intend," "achievable," "anticipate," "will," "continue," "potential," "should," "could," "target" and similar terms and phrases. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. These forward-looking statements represent the Company's current expectations or beliefs concerning future events, and it is possible that the results described in this release will not be achieved. These forward-looking statements are subject to certain risks, uncertainties and assumptions, including those identified in this release or disclosed from time to time in the Company's filings with the Securities and Exchange Commission (the "SEC"). Factors that could cause actual results to differ from the Company's expectations include changes in market conditions, changes in commodity prices, changes in supply and demand for oil and gas, changes in demand for our services, availability of financing and capital, the Company's liquidity, the Company's compliance with covenants under its credit agreements, geopolitical events, availability of equipment and personnel and other factors described in the Company's public disclosures and filings with the SEC, including those described under "Risk Factors" in our annual report on Form 10-K filed on March 14, 2019 and in our quarterly reports on Form 10-Q. As a result of these factors, actual results may differ materially from those indicated or implied by forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

- Tables to Follow -

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U.S. WELL SERVICES, INC.

CONSOLIDATED STATEMENT OF OPERATIONS

(unaudited and amounts in thousands except for active fleets and per share amounts)

					Three Months
					December 31,
	March 31, 2019			2018		March 31, 2018
Statement of Operations Data:
Revenue	$	139,772	$	118,436	$	171,606
Costs and expenses:
Cost of services (excluding depreciation and
amortization)		109,681			105,788			138,428
Depreciation and amortization		37,844			30,893			25,920
Selling, general and administrative expenses		8,620			19,634			4,337
Loss on disposal of assets		6,904			2,858			2,929
Loss from operations		(23,277)			(40,737)			(8)
Interest expense, net		(5,115)			(10,964)			(7,401)
Loss on extinguishment of debt		-			(190)			-
Other income		27			2			317
Loss before income taxes		(28,365)			(51,889)			(7,092)
Income tax expense		124			352			-
Net loss		(28,489)			(52,241)			(7,092)
Net loss attributable to noncontrolling interest		(6,217)			(4,918)			-
Net loss attributable to U.S. Well Services, Inc.	$	(22,272)		$	(47,323)		$	(7,092)
Net lost attributable to U.S. Well Services, Inc. stockholders per common share (1):
Basic and diluted		(0.45)			(0.96)			(0.14)
Weighted average common shares outstanding:
Basic and diluted		47,398			47,779			47,940
Other Financial and Operational Data
Capital Expenditures (2)		155,111			87,989			12,937
Adjusted EBITDA (3)		27,984			19,530			31,489
Average Active Fleets		11.0			9.0			10.0

1. Due to the Company's combination with the SPAC which was accounted for as a reverse recapitalization, earnings per share has been recast to reflect the Company's capital structure post -combination for all comparative periods.
2. Capital expenditures presented above are shown on an accrual basis, including capital expenditures in accounts payable, accrued liabilities and under equipment financing arrangements.
3. Adjusted EBIT DA is a Non-GAAP Financial Measure. See the tables entitled "Reconciliation and Calculation of Non-GAAP Financial and Operational Measures" below.

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