Post Oak Energy Capital LP said May 11 an affiliate company agreed to sell its stake in Precision Compression LLC in an all-cash transaction, marking the realization of the Houston-based firm’s initial investment in the oilfield service company.
Founded in 2016, Precision is engaged in the manufacturing, leasing and servicing of wellhead reciprocating gas compressors. Headquartered in Weatherford, Texas, Precision currently has facilities and operations in Texas and Oklahoma.
In a May 11 news release, Post Oak said Precision had steadily built its business organically since its launch, which had been funded by the firm.
“The sale of equity interests in Precision is the next logical progression for the company and its growth trajectory, and this transaction has resulted in a successful outcome for all,” Post Oak said in the release.
Affiliate of Post Oak, Balcones Energy Holdings LLC, sold the equity interests in Precision Compression Services in partnership with certain individual investors. The companies did not disclose the value of the transaction.
Balcones Energy is a Houston-based company designed to invest in the oilfield service and equipment sector, with a particular focus on compression and artificial lift. The company’s initial investment was in Precision Compression Services.
Recommended Reading
E&P Highlights: Feb. 18, 2025
2025-02-18 - Here’s a roundup of the latest E&P headlines, from new activity in the Búzios field offshore Brazil to new production in the Mediterranean.
E&P Highlights: Dec. 16, 2024
2024-12-16 - Here’s a roundup of the latest E&P headlines, including a pair of contracts awarded offshore Brazil, development progress in the Tishomingo Field in Oklahoma and a partnership that will deploy advanced electric simul-frac fleets across the Permian Basin.
Watch for Falling Gas DUCs: E&Ps Resume Completions at $4 Gas
2025-01-23 - Drilled but uncompleted (DUC) gas wells that totaled some 500 into September 2024 have declined to just under 400, according to a J.P. Morgan Securities analysis of Enverus data.
E&P Highlights: Dec. 30, 2024
2024-12-30 - Here’s a roundup of the latest E&P headlines, including a substantial decline in methane emissions from the Permian Basin and progress toward a final investment decision on Energy Transfer’s Lake Charles LNG project.
E&P Highlights: Jan. 27, 2025
2025-01-27 - Here’s a roundup of the latest E&P headlines including new drilling in the eastern Mediterranean and new contracts in Australia.
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.