C&J Energy Services: Hydraulic Fracking Company Goes Public -- Bakken?

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Update

C&J opens at $30, three percent higher than its IPO last week.

Original Post

Link here.

Contracts include EOG, but not sure if C&J in the Bakken.

C&J Energy Services owns four hydraulic fracturing fleets with 142,000 total horsepower. The company has four other fleets under construction, and estimates that total horsepower will reach 270,000 by the end of 2012. C&J Energy Services also owns 14 coiled tubing units and 25 pressure pumping units. The company earned 80% of its revenues in the first quarter of 2011 from providing hydraulic fracturing services to operators trying to enhance production from wells drilled into formations with low permeability. Its four operating fleets are under term contracts with EXCO Resources (NYSE:XCO), EOG Resources, Penn Virginia, and Anadarko Petroleum. The company's fifth fleet, which is under construction, will be available in August 2011, and is under contract with Plains Exploration and Production. The other three fleets are currently without contracts, and are set to be delivered before the end of 2012.