FLOTEK JP3 VERAX® ANALYZER ENABLES FIELD GAS USAGE AT PROFRAC
HOUSTON, Aug. 9, 2022 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK), a leader in technology-driven specialty green chemistry solutions, today announced an agreement in principle to provide 20 of the Company's JP3 Verax® analyzer units to ProFrac Holdings for a period of five years.
"In April we commenced a 10-year chemistry Supply Agreement with ProFrac, which we are ramping up. We served an average of 8 ProFrac frac fleets in the second quarter and expect to grow this rapidly. Today, we add a new facet to our already strong relationship. ProFrac's adoption of Flotek's JP3 Verax® analyzers is expected to accelerate diesel's replacement with natural gas produced in the field in ProFrac's dual-fuel fleets, thereby simultaneously reducing cost and greenhouse gas emissions while increasing returns to our producer customers and protecting their capital equipment. This is a win/win/win for Flotek, ProFrac, and producers," said Chairman and CEO John W. Gibson, Jr. He continued, "current use cases show that maximizing natural gas usage in dual fuel fleets can reduce diesel consumption by 50 – 70%. This, in turn, can enable dual fuel operations to adhere to Tier 4 EPA emissions requirements, which represent a reduction of 35% compared to Tier 2. These environmental benefits are further expected to be accompanied by both a rapid pay-back and significant long-term financial returns. We are extremely excited about the future as more customers evaluate this technology."
"ProFrac's agreement for JP3's sensors allows reliable and cnsistent gas quality that protects our people and equipment in highly variable field conditions. We believe JP3's energy content monitoring can be widely applied across the oil and gas industry," says Matt Wilks, ProFrac's Executive Chairman.
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SOURCE Flotek Industries, Inc.