NEW YORK (AP) — Shares of Nuverra Environmental Solutions Inc. jumped Monday after the drilling services company said it agreed to a deal with Halliburton to develop ways to boost the reuse and recycling of wastewater in the hydraulic fracturing process.
THE SPARK: Nuverra CEO Mark Johnsrud said his company will be working closely with Halliburton in the Bakken Shale to utilize their H20 Forward Service for water reuse and recycling.
Financial terms were not disclosed.
THE BIG PICTURE: The H20 Forward Service allows customers to recycle wastewater for use in well completions. The service creates stable fracture fluids that can work with any waste stream for use in hydraulic fracturing, significantly reducing the need for fresh water, Nuverra said.
Halliburton has so far completed more than 60 wells in the Bakken Shale area which includes North Dakota and Montana and the Permian Basin which includes West Texas and New Mexico using the service.
Nuverra said that it and Halliburton will work together in the Bakken Shale to offer the service to exploration and production companies. Nuverra will provide logistics, transportation, storage, and overall fluid management for hydraulic fracturing operations done by Halliburton using the service.
THE SPARK: Shares of Nuverra, formerly known as Heckmann Corp., rose 20 cents, or 5.8 percent, to $3.64 in afternoon trading. Over the past 52 weeks, the shares have traded between $2.60 and $5.14.