HOUSTON--(BUSINESS WIRE)--Keane Group, Inc. (NYSE:FRAC) (“Keane” or the “Company”) announced that on July 1, 2018, a hydraulic frac fleet operating in the Permian Basin was involved in a fire, resulting in damage to a portion of the fleet. The expense of replacing the damaged equipment is expected to be covered by the Company’s insurance program.
“The safety and well-being of our employees, business partners and members of the communities in which we operate is always a top priority for Keane,” said James Stewart, Chairman and Chief Executive Officer of Keane. “Above all, we are thankful that no injuries resulted from the incident, and we are proud of the responsiveness displayed by the team, executing on our well-defined safety protocol. We are also appreciative of the prompt response and helpful assistance from local authorities. We are working closely with our customer to ensure continuity of operations, and anticipate promptly resuming work with no material impact from this incident. Our frac fleets continue to realize high utilization across basins, and our team remains intensely focused on delivering safe and efficient operations for our customers.”
About Keane Group, Inc.
Headquartered in Houston, Texas, Keane is one of the largest pure-play providers of integrated well completion services in the U.S., with a focus on complex, technically demanding completion solutions. Keane's primary service offerings include horizontal and vertical fracturing, wireline perforation and logging, engineered solutions and cementing, as well as other value-added service offerings.
The statements contained in this release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursuant,” “target,” “continue,” and similar expressions are intended to identify such forward-looking statements. The statements in this press release that are not historical statements, including statements regarding Keane’s plans, objectives, future opportunities for Keane’s services, future financial performance and operating results and any other statements regarding Keane’s future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond Keane’s control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to the operations of Keane; the anticipated funding and expected delivery of the newbuild fleets; results of litigation, settlements and investigations; actions by third parties, including governmental agencies; volatility in customer spending and in oil and natural gas prices, which could adversely affect demand for Keane’s services and their associated effect on rates, utilization, margins and planned capital expenditures; global economic conditions; excess availability of pressure pumping equipment, including as a result of low commodity prices, reactivation or construction; liabilities from operations; weather; decline in, and ability to realize, backlog; equipment specialization and new technologies; shortages, delays in delivery and interruptions of supply of equipment and materials; ability to hire and retain personnel; loss of, or reduction in business with, key customers; difficulty with growth and in integrating acquisitions; product liability; political, economic and social instability risk; ability to effectively identify and enter new markets; cybersecurity risk; dependence on our subsidiaries to meet our long-term debt obligations; variable rate indebtedness risk; and anti-takeover measures in our charter documents.
Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in Keane’s Securities and Exchange Commission (“SEC”) filings, including the most recently filed Forms 10-Q and 10-K. Keane undertakes no obligation to publicly update or revise any forward-looking statement.