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.
Recommended Reading
EIA: Permian, Bakken Associated Gas Growth Pressures NatGas Producers
2024-04-18 - Near-record associated gas volumes from U.S. oil basins continue to put pressure on dry gas producers, which are curtailing output and cutting rigs.
Benchmark Closes Anadarko Deal, Hunts for More M&A
2024-04-17 - Benchmark Energy II closed a $145 million acquisition of western Anadarko Basin assets—and the company is hunting for more low-decline, mature assets to acquire.
‘Monster’ Gas: Aethon’s 16,000-foot Dive in Haynesville West
2024-04-09 - Aethon Energy’s COO described challenges in the far western Haynesville stepout, while other operators opened their books on the latest in the legacy Haynesville at Hart Energy’s DUG GAS+ Conference and Expo in Shreveport, Louisiana.
Mighty Midland Still Beckons Dealmakers
2024-04-05 - The Midland Basin is the center of U.S. oil drilling activity. But only those with the biggest balance sheets can afford to buy in the basin's core, following a historic consolidation trend.
Mesa III Reloads in Haynesville with Mineral, Royalty Acquisition
2024-04-03 - After Mesa II sold its Haynesville Shale portfolio to Franco-Nevada for $125 million late last year, Mesa Royalties III is jumping back into Louisiana and East Texas, as well as the Permian Basin.