Josh, Thanks, good morning, everyone. and
we fully retired August, XXXX quarter quarter, of service pressure the pumping of operating our a active fleets. And end At electric transition The of five we conventional U.S. the becoming by the conventional beginning the Services' second beginning were fleets. active marked provider. of to Well third the last
we faced well macroeconomic results quarter Our industry. the the as third headwinds for undertaking the the in of the felt entire by strategic difficulty transformation illustrates some as
conventional fleets peak fleet year. fleet X this staffed Services to XX a of fleets out operations, U.S. phase earlier from count we As Well decreased
but this headcount overall fleets across order costs did year wage next employees our elevated were to increase for reduced Nyx resulted absorb labor a order Not deployed. the we early also Although to fewer levels QX up have able new in late field we remained rising by personnel for employees, that in ramp staffing are corporate amplified field challenge Clean ensure to workforce was only implemented back in costs, industry. This and Fleets retention. to we improve when in
outsourced for $XX we equipment for In to Additionally, turbine quarter three U.S. during nearly power approximately and other we agreement, to we mobilization fixed costs to generators for exchange labor in connection key proceeds term will loan a be that In monthly to entered the third certain million sold $X Well and the borrowings. turbine as to million a buyers sale. and borne with legacy related early used generators fee. the service whereby generation prepare by transition sale, in business fleets maintenance model for spent Services repay conventional diesel October,
trucking results. our prices, during services along like impact with and also impact our logistics, chain cost supply for the Rising the across We quarter. third felt inflation of input
Well future of optimistic track the about pass we was pace Services. difficult mitigate Although inflation and customers, In worked along of remain inflation to increases the our quarter. U.S. of we much for these very to to the challenges, spite actively it of cost
to have customers, electric become quarters, or dramatically. the were by market. company pressure fuel We fleets What fleet changed pumping order once five the technologies. offer a emission a fuel electric require we savings dual are many has Today, and the such U.S. most service Well next-generation considered the gimmicks work. is believe the Services pumping industry-leading solution sought-after pressure offer seeing bid cost in have we Over as most in fleets landscape and Increasingly, E&P for we greenhouse With premium several backdrop, dual last customers have fuel reductions. all-electric ideally that positioned. industry this fleets gas
In XXXX, nine of commands Clean Fleets, our will such, to XXXX, fleet, all-electric of and we we total to to beginning fourth Nyx the both late dual spreads. XX,XXX premium bringing As pumping equipment. of deliver units. a horsepower have conventional first dual fleet pricing the Nyx By our of QX expect XX relative fuel QX delivery consisting taken
leading We our innovator are in the we industry. also believe technology
Our expanding intellectual demonstrated has portfolio our value ProFrac. license considerable and with property recent by agreement
advanced full only transmitted IoT the proprietary cost, automation lowers our capture are data pumper lines, We efficiency provides and our over our electricity and using fleets improves pressure transparency enables customers. enhanced Azure-based industrial successfully to and operating power and insights that platform high for
the alternative instance, is the project with recent our for Take, it our premium customer a technologies. pricing demand Virginia. Our in fleets for drives proposition and value operating undeniable, for West relative to
the of cut technology. fuel, conventional million, XX% by Over X.X of COX pads, the approximately and diesel emissions two gallons saving X.X we displaced course customer's equivalent its diesel for million roughly
reductions shareholders. believe our common value debt our ongoing strategy. stock structure transformation. creation Finally, elements the fully senior our and balance for debt I preferred Series our equity, into secured source term of and of simplifying Services B capital $XX a Since comment nearly load U.S. to million sheet converted our of our our would reducing key are on loan will be the Well like We critical convertible to repaid beginning year,
an work turn of technology I Before sacrifice time as us Services in efforts to such and Company's is and what innovation. continues pressure our Kyle, over the be an it enables pumping team operator history. thank I want us during to the to the Well hard on to for their make forefront separates team U.S. important The
