Flotek partners Profrac to provide sustainable, vertically integrated solutions

Flotek partners Profrac to provide sustainable, vertically integrated solutions

Innovative multi-year partnership creates compelling offering to improve operators' ESG and operational performance

  • By ICN Bureau | February 03, 2022

Flotek Industries, a leader in technology-driven, specialty green chemistry solutions, announced it has entered into a long-term agreement with ProFrac Services, the largest private North American provider of hydraulic fracturing services, to provide its full portfolio of sustainable chemistry solutions to a dedicated portion of ProFrac's hydraulic fracturing fleets.

The partnership creates a compelling, vertically integrated solution to enable E&Ps to more sustainably develop natural resources, while reducing the total cost of ownership. The agreement leverages ProFrac's leading market position and new technologies that significantly reduce greenhouse gas (GHG) emissions and increase efficiency with Flotek's green chemistries that reduce the environmental impact of energy by increasing customers' operational and ESG performance beyond existing sustainability practices.

John W. Gibson, Jr., Chairman, President, and Chief Executive Officer of Flotek stated: "We are excited to establish this long-term strategic partnership with ProFrac. We believe the relationship creates a compelling ESG solution for the industry and delivers long-term mutual benefit for both companies' customers. Together, we have the opportunity to reduce emissions and establish green chemistry solutions, thereby protecting air, land and water. This transformative agreement creates a comprehensive completions solution merging operational efficiency congruent with ESG objectives."

Matt Wilks, President and CFO of ProFrac stated: "Flotek is a great company that we're privileged to work with. We believe this transaction presents a unique opportunity to create mutual value as we each expand."

Ryan Ezell, Ph.D, President of Flotek's Chemistry Technologies segment, said: "Our innovative partnership with ProFrac will deliver differentiated performance for operators, while reducing the total cost of ownership and environmental risk. We are honored to collaborate with an established industry leader, furthering our strategy to rebuild our indirect channels to market with service companies, significantly accelerating our revenue growth and the industries adoption of ESG principles."

Piper Sandler is serving as the exclusive financial advisor to Flotek.

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