Cold Bore Technology Inc., the leader in frac completions automation and platform technology, has revealed record 2021 growth in key areas including new customers, revenue, team size and technology infrastructure on Nov. 30.
From April to October 2021, Cold Bore saw unprecedented demand for its SmartPAD completions platform and control system, increasing deployments by over 38% from the previous six month period. SmartPADs were installed within operations across five new U.S. basins including; DJ Basin, Utica, Scoop Stack, Delaware and Haynesville, meaning the technology able to interconnect and automate completions operations is fast becoming a defacto completions operating system for producers within 12 major shale plays in the U.S. and Canada.
In line with the increased adoption of its technology, Cold Bore also saw revenue increase by over 43% in the period and full time employee headcount increase by 70%.
“Having a standardized master control system has quickly become a key differentiator in successful completions and is advancing the industry quickly towards fully automated operations,” Brett Chell, CEO at Cold Bore, said. “We’re committed to ensuring we consistently have the very best hardware, software and skilled talent to meet the demand we’re seeing and play our part in moving the industry forward, making it safer, cleaner and more sustainable.”
Cold Bore is leading a major shift in the completions (fracking) industry towards a new standard of operating by providing oil & gas companies (operators) with a centralized digital platform called SmartPAD. SmartPAD is an end-to-end, fully integrated “Plug and Play” completions platform.
Acting as a central control system and connection point, SmartPAD automatically tracks an independent and complete multiservice timestamp for the entire operation. Second by second the SmartPAD standardizes the entirety of data collection, visualization and communication between services and the operator. This is the universal connection point to end all data and protocol variability struggles with a universal approach that makes formatting every pad as easy as “plug and play”.
The latest growth figures come hot on the heels of Cold Bore’s $14 million growth financing round led by bp ventures with participation from the Canadian Business Growth Fund (CBGF).
Recommended Reading
The One Where EOG’s Stock Tanked
2024-02-23 - A rare earnings miss pushed the wildcatter’s stock down as much as 6%, while larger and smaller peers’ share prices were mostly unchanged. One analyst asked if EOG is like Narcissus.
EOG Resources Wildcatting Veteran Billy Helms to Retire
2024-04-02 - Joining an EOG Resources predecessor in 1981, Helms is among the pre-1986-oil-bust generation who later found success in shale.
Kimmeridge Fast Forwards on SilverBow with Takeover Bid
2024-03-13 - Investment firm Kimmeridge Energy Management, which first asked for additional SilverBow Resources board seats, has followed up with a buyout offer. A deal would make a nearly 1 Bcfe/d Eagle Ford pureplay.
E&P Earnings Season Proves Up Stronger Efficiencies, Profits
2024-04-04 - The 2024 outlook for E&Ps largely surprises to the upside with conservative budgets and steady volumes.
Uinta Basin: 50% More Oil for Twice the Proppant
2024-03-06 - The higher-intensity completions are costing an average of 35% fewer dollars spent per barrel of oil equivalent of output, Crescent Energy told investors and analysts on March 5.