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.
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