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Reduced Fuel Demands Hit Nuverra’s Q1 Financials

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Nuverra Environmental Solutions, which provides water logistics and oilfield services to US customers that produce oil and natural gas from shale formations, has reported disappointing Q1 figures.

For the first quarter of 2021 when compared to the first quarter of 2020, revenue decreased by 38%, or $14.3m, resulting primarily from lower water transport services in the Rocky Mountain and Northeast divisions and lower disposal services in all three divisions.

In a statement the company said that despite an increase in the average commodity prices for both crude oil and natural gas quarter over quarter, which increased 28% and 83%, respectively, Nuverra’s customers have been limiting their activities which reduced production volumes.

The reduced demand for gasoline, diesel and jet fuel has led to lower drilling and completion activity with fewer rigs operating in all three divisions. Rig count at the end of the first quarter of 2021 compared to the end of the first quarter of 2020 declined 77% in the Rocky Mountain division, 26% in the Northeast division and 4% in the Southern division.

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