Profrac License NotesProFrac Began

REV Energy is the leader in cost-reducing. The core of REV is built around protecting the environment and building a healthier and happier world for all of us. REV prides itself on its safety and health for our workers and customers. The vision of ProFrac Services was to New York, J- Moody's Investors Service ('Moody's') assigned a B3 Corporate Family RatingWe hire the most experienced and qualified personnel in the industry. Well Services' Clean Fleet technology for 7.5 million per license Concurrent with the closing of this transaction, ProFrac converted all three licenses underlying the License NotesProFrac began operations in the Permian Basin in September 2016 and the Marcellus/Utica in October of the same year. 22.5 million of License Notes purchased by ProFrac are convertible into three licenses to build and operate three fleets using U.S.

Profrac Full Frac Fleets

Concurrently, Moody's assignedProFrac is a new venture in the pressure pumping industry that is committed to delivering proven solutions to their customers. We offer proven results with innovative. Our high-pressure pumps are crafted for longer-lateral and multi-well pads, and our operators are the most knowledgeable and experienced in the world. From the start in 2016, ProFrac changed the pressure-pumping industry with custom equipment. The companys products include, hydraulic fracturing, 15 full frac fleets, multi-well pad capability, frac pump fire suppression components.(CFR) and a B3-PD Probability of Default Rating (PDR) to ProFracProFrac Services leads the hydraulic fracturing industry in terms of excellence, efficiency, safety and service. Manufacturer and distributor of fracturing units and pumps to the oil and gas industry.

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While ProFrac's fleetIs fully deployed following the company's robust new-buildProgram which increased the horsepower of its fleet by over 2.5xOver the last 12 months, the company has limited operating historyAt their current scale. 'The projectedGrowth in the drilling and completion activity and the company'sGood liquidity contribute to the stable outlook'ProFrac's B3 CFR reflects the company's modest market position in a highlyCyclical and commoditized industry. The company will need to demonstrateIts execution capability and growth strategies in scaling up its fleetSize and sustaining the fleet utilization,' commented SreedharKona, Moody's Senior Analyst.

Although the ABL facility has a first lien priorityOn the relatively more liquid ABL collateral, given the small sizeOf the ABL facility as compared to the term loan, the term loanProFrac will maintain good liquidity through the end of 2019. The $50 millionAsset Based Loan (ABL) revolving credit facility with a 2023 maturity,Has a first lien on all the working capital assets of the borrower (ABLCollateral) and a second lien on all other assets of the borrower andGuarantors. TheTerm loan has a first lien on all the assets of the borrower and guarantors,Including the subsidiaries (except the ABL collateral) and matures fiveYears from the closing of the transaction. As new fleets come online in the sector,There is risk that supply grows faster than demand resulting in priceContraction while labor shortages could increase operating expenses.However, ProFrac benefits from its vertically integrated businessModel with manufacturing and distribution capabilities, helpingThe company somewhat differentiate itself in its ability to manage theThe $250 million senior secured term loan is rated B3 (the sameAs the CFR) under the Moody's Loss Given Default Methodology. The company has taken advantage of increasedDemand for its services by E&P companies in 20.Increased rig activity driven by higher oil prices, a shift towardsModern horizontal drilling techniques with increased stages per well andAn aging fleet across the industry enabled ProFrac to grow rapidly through20, however the supply and demand dynamics could shiftWithin a short period. Moreover, theHydraulic fracturing service within OFS is highly competitive with someSignificantly larger companies that have greater financial resources,ProFrac benefits from its low financial leverage which will trend towards1x by the end of 2019.

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And/or their licensors and affiliates (collectively, вЂњMOODYвЂ™SвЂќ). For furtherInformation please see the ratings tab on the issuer/entity page for theRespective issuer on For any affected securities or rated entities receiving direct creditSupport from the primary entity(ies) of this credit rating action,And whose ratings may change as a result of this credit rating action,The associated regulatory disclosures will be those of the guarantor entity.Exceptions to this approach exist for the following disclosures,If applicable to jurisdiction: Ancillary Services, DisclosureTo rated entity, Disclosure from rated entity.Regulatory disclosures contained in this press release apply to the creditRating and, if applicable, the related rating outlook or ratingThe lead rating analyst and to the Moody's legal entity that has issuedPlease see the ratings tab on the issuer/entity page on for additional regulatory disclosures for each credit rating.В© 2021 MoodyвЂ™s Corporation, MoodyвЂ™s Investors Service, Inc., MoodyвЂ™s Analytics, Inc. For ratings issued on a support provider,To the credit rating action on the support provider and in relation toEach particular credit rating action for securities that derive theirCredit ratings from the support provider's credit rating.For provisional ratings, this announcement provides certain regulatoryDisclosures in relation to the provisional rating assigned, andIn relation to a definitive rating that may be assigned subsequent toThe final issuance of the debt, in each case where the transactionStructure and terms have not changed prior to the assignment of the definitiveRating in a manner that would have affected the rating. The Wilks Family owns 100%For ratings issued on a program, series or category/class of debt,This announcement provides certain regulatory disclosures in relationTo each rating of a subsequently issued bond or note of the same seriesOr category/class of debt or pursuant to a program for which the ratingsAre derived exclusively from existing ratings in accordance with Moody'sRating practices. Please see theRating Methodologies page on for a copy ofProFrac, headquartered in Fort Worth, Texas, is a privateVertically integrated provider of hydraulic fracturing services to E&PCompanies in the United States.

MOODYвЂ™S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT.

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