HOUSTON, May 18, 2020 – Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK) announced today it has acquired 100% ownership of JP3 Measurement, LLC (“JP3”), a privately held leading data and analytics technology company, in a cash-and-stock transaction. The transaction is valued at approximately $34.4 million, comprised of $25 million in cash and 11.5 million shares in Flotek common stock, with the assumption of $1.3MM of debt and an additional $5 million earn-out based on appreciation of Flotek’s share price.
For Immediate Release: Austin, TX (May 13, 2020) – JP3 Measurement, LLC, is pleased to announce it is working with Phillips 66 to launch a revolutionary data service solution which could deliver considerable savings to refined fuel producers, transporters and distribution terminal operators.
Optimizing Condensate Stabilizers: Getting the Last Barrel, Sponsored by GPAC Thur, May 21, 2020, 12:15 – 1:30 pm CDT Please register: https://www.makingmeasurementsmatter.com/offers/CPLitxkS/checkout
The primary function of a gas plant is still the recovery and purification of methane for transport as natural gas; however, the importance of producing and high value natural gas liquids (NGL’s) and hydrocarbon condensates has increased dramatically in recent years.
JP3 was scheduled to present our Introduction to Spectroscopy training during the International School of Hydrocarbon Measurement’s 2020 event (second consecutive year). Unfortunately, due to matters related to Covid-19, ISHM has been cancelled and rescheduled for 2021.
In the midst of ongoing issues surrounding COVID-19, JP3 continues our commitment to serving our customers while ensuring the safety of our employees, clients and vendors. With that in mind, JP3 has implemented our new Covid-19/Infectious Disease Plan to help minimize the rate that infection spreads.
In March 2020, a new custody transfer standard known as GPA-2119-20 (Compositional Analysis by Optical Spectroscopy) was adopted by the Analysis, Test Methods and Product Specifications Committee of the GPA Midstream Association.
Midstream leaders and experts worked together with industry suppliers to produce this standard for oil and gas operators of North America, determining that optical spectroscopy is a viable technology for compositional analysis of gas, NGL, and condensate.
Visit JP3 at CERAWeek – March 9-13, 2020 – Houston, TX Tues 3/10 @ 10:30 AM – JP3 CEO Matt Thomas will be participating in Innovation Agora Pods. Update: This event has been cancelled for 2020 and rescheduled for 2021.
Wed, 2/19/2020, 1:00 p.m., CCAMS, Omni Hotel, Corpus Christi, TX
Senior R&D Chemometrician at JP3, Randy Bishop, presented at this year’s Corpus Christi Area Measurement Society (CCAMS) Conference to illustrate value-added use cases of JP3’s real-time data. The data made available through JP3’s NIR analyzer systems has proven valuable across a multitude of applications from wellhead to refinery.
Wed, 3/13/2019 – Visit JP3 at @CERAWeek 7:30 am – See JP3 on #Energy #Innovation #Pioneers breakfast panel 10:30 am – Hear CEO Matt Thomas at #Agora #Innovation #Pod1 2:00 pm – Interact with live #demo of our #realtime #data systems in Agora #Meetup2 #ceraweek #ceraweek19