PropX wet sand handling technology is a key enabler of the next step of cost and emissions reductions in the proppant industry. (Source: PropX)
Liberty Oilfield Services Inc. acquired PropX, a Denver-based provider of last-mile proppant delivery solutions, in a cash-and-stock transaction on Oct. 26 valued at $90 million.
Founded in 2016, PropX offers innovative environmentally friendly technology with optimized dry and wet sand containers and wellsite proppant handling equipment that drive logistics efficiency and reduce noise and emissions, positioning Liberty as an integrated provider of completion services, according to CEO Chris Wright.
“The addition of PropX integrates the latest proppant delivery technologies and software into our supply chain and brings advanced, ESG-friendly wet sand handling technology and expertise that we can bring to the whole industry,” Wrigth commented in the release.
“Together, we believe these solutions will reduce the environmental impact of last-mile delivery and lower our total delivered cost to our customers,” he added.
The purchase price of PropX consisted of $13.5 million in cash and the equivalent of 5.8 million shares of Liberty’s common stock valued at $76.5 million based on a 30-day average closing share price of $13.08 on Oct. 25.
Recommended Reading
E&P Highlights: Oct. 14, 2024
2024-10-14 - Here’s a roundup of the latest E&P headlines, including another delay at one of the largest gas fields in the world and two major contracts in West Africa.
From Exxon to APA, E&Ps Feel Need to Scratch Exploration Itch
2024-08-27 - Exxon Mobil is looking for its “next Permian,” which an executive said could be in Algeria.
VTX Energy Quickly Ramps to 42,000 bbl/d in Southern Delaware Basin
2024-09-24 - VTX Energy’s founder was previously among the leadership that built and sold an adjacent southern Delaware operator, Brigham Resources, for $2.6 billion.
TotalEnergies Awards SBM Offshore FPSO GranMorgu Development Contract
2024-11-15 - SBM will construct and install a floating production, storage and offloading vessel for TotalEnergies alongside its partner Technip Energies, the company said.
Western Haynesville Wildcats’ Output Up as Comstock Loosens Chokes
2024-09-19 - Comstock Resources reported this summer that it is gaining a better understanding of the formations’ pressure regime and how best to produce its “Waynesville” wells.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.