Recently, ‘water loss’ has been a hot topic of discussion for EGS. Fervo reported that they have been producing only 70% of the fluid volumes that they have been injecting at their Project Red. The FORGE project reported a roughly 10% water loss rate. Because projects will have finite water rights, these results have led to concern that growth of EGS will be limited by excessive water consumption. This is a valid concern, and water availability is a legitimate factor in site-selection and project engineering. However, I believe that the problem has been overstated.

This week, I attended ResFrac customer Fervo Energy’s IPO on the Nasdaq. The positive energy was incredible. Roughly 100 people were there: Fervo employees, family, and members of the wider Fervo-supportive community. I was invited because ResFrac provides our software and services to Fervo, and also because I have been an advisor to the company since before its founding. As Jack reminded me this week, I introduced him and Tim! They founded Fervo around the same that ResFrac was being first released commercially, and they played an important role for our company because they were one of our earliest customers, and in turn, we were one of their first partners and vendors. Ever since then, ResFrac has been a core part of Fervo’s workflow in doing stimulation design and reservoir engineering.

The 2026 HFTC included 50+ technical paper presentations, a special session highlighting papers from the American Rock Mechanics Association (ARMA), and a dynamic opening session featuring the Secretary of Energy, Chris Wright, and a diverse panel discussion with representatives from Chevron, Exxon, US Department of Energy, and Colorado School of Mines.