|By PR Newswire||
|January 15, 2014 06:55 AM EST||
HOUSTON, Jan. 15, 2014 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company') (NYSE: FTK) today announced the appointment of David R. McMahon as Vice President of Artificial Lift Technologies and plans to expand the Company's profile in artificial lift.
Mr. McMahon has spent the last twenty-two years of his career in the artificial lift industry with various units of Baker Hughes, Incorporated, most recently serving as the Area Manager for the Rocky Mountain region for artificial lift. He has also served in managerial and sales positions for Baker Hughes Centrilift in Wyoming, Texas and Oklahoma. He began his career as an engineer with Baker Oil Tools in Broken Arrow, Oklahoma in 1991. He is a graduate of Oklahoma State University with a degree in Mechanical Engineering & Design and holds a Masters of Business Administration from the University of Phoenix.
During his tenure as Area Manager over Baker Hughes' Rockies artificial lift operations, Mr. McMahon was instrumental in developing Baker Hughes' artificial lift presence in the Williston Basin, one of the most dynamic lift markets in the country. Moreover, he was responsible for increasing margins and efficiency as well as posting exceptional safety records while, at the same time, expanding the operations into three new locations over an 18 month period. As an engineer he was responsible for new product design and development as well as the development of systems which increased customer responsiveness, satisfaction and profitability.
"Flotek is delighted to welcome a leader of David's caliber to our team as we reimagine the future of our artificial lift business and refocus our efforts on a market that we believe is poised for meaningful growth in the future," said John Chisholm, Flotek's Chairman, President and Chief Executive Officer. "We are flattered that David chose to bring his wealth of experience and successful track record from one of the leaders in artificial lift with a vision to build a business that can now strive to become a premier competitor in innovative lift technology for emerging production trends that should push demand for such services over the course of the next several years."
"I appreciate the opportunity that John and the Flotek team have given me to build a leading artificial lift organization to address the unique needs of emerging unconventional production both in North America and abroad," said Mr. McMahon. "My background affords me a unique perspective on the business, one that will help frame our successful, service-oriented offerings; allow me to leverage my engineering sales and operational expertise; and assemble a team of exceptional artificial lift professionals with decades of experience in the business to build on Flotek's already solid reputation as a niche provider of quality lift services. Combined with the support and resources of Flotek, I am convinced we will make a difference for our clients both today and well into the future, especially as the lift needs of unconventional production accelerate in the coming years."
To facilitate the growth in artificial lift, Flotek plans to commit $4 million in capital to new equipment and improved facilities in key basins as well as open a new administrative and marketing office in Denver. Mr. McMahon and his team will evaluate existing products and services with a focus on improving penetration and margins as well as expanding the Company's service offerings from its operations in Gillette, Wyoming; Vernal, Utah; Dickinson, North Dakota; and Farmington, New Mexico. The Company also plans to open three new service centers in key locations in the coming year. In addition, Mr. McMahon will focus on continuing to grow international opportunities, including the sale of PetroValve systems into South America and other key international markets.
Data from independent surveys suggest global demand for artificial lift services should be nearly $13 billion in 2013, with nearly $6 billion of that in North America. By 2018, the global market is expected to grow to over $16 billion, with approximately $7.2 billion of artificial lift service demand in North America. According to data from World Oil1, nearly 95% of all producing oil wells are on some form of artificial lift with that number expected to rise with the majority of new production in North America coming from unconventional sources which require lift intervention earlier in the production lifecycle.2
"Flotek's commitment to the future of our artificial lift business should be strong and clear," added Chisholm. "For the first time in Flotek's history we have the right person at the right time to make a strategic commitment to one of the fastest growing segments of our industry. David McMahon's expertise and leadership combined with Flotek's commitment to technology and world-class service should provide plenty of opportunities to become a leader in lift technology. Moreover, we will commit the necessary resources – both financial and intellectual capital – to ensure we are on the leading edge of future innovations for a rapidly evolving industry. While these changes won't come overnight, we are excited about David's leadership and vision in creating a world-class artificial lift business."
1 World Oil, February, 2012.
2 Spears & Associates, Markets & Markets.
About Flotek Industries, Inc.
Flotek is a global developer and distributor of a portfolio of innovative oilfield technologies, including specialty chemicals and down-hole drilling and production equipment. It serves major and independent companies in the domestic and international oilfield service industry. Flotek Industries, Inc. is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol "FTK."
For additional information, please visit Flotek's web site at www.flotekind.com.
Certain statements set forth in this Press Release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.'s business, financial condition, results of operations and prospects. Words such as expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this Press Release.
Although forward-looking statements in this Press Release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management. Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, but are not limited to, demand for oil and natural gas drilling services in the areas and markets in which the Company operates, competition, obsolescence of products and services, the Company's ability to obtain financing to support its operations, environmental and other casualty risks, and the impact of government regulation.
Further information about the risks and uncertainties that may impact the Company are set forth in the Company's most recent filings on Form 10-K (including without limitation in the "Risk Factors" Section), and in the Company's other SEC filings and publicly available documents. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this Press Release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this Press Release.
SOURCE Flotek Industries, Inc.
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in ...
Mar. 23, 2017 08:59 AM EDT
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
Mar. 23, 2017 08:30 AM EDT Reads: 2,533
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Mar. 23, 2017 08:00 AM EDT Reads: 773
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
Mar. 23, 2017 08:00 AM EDT Reads: 1,926
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Mar. 23, 2017 08:00 AM EDT Reads: 3,604
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Mar. 23, 2017 08:00 AM EDT Reads: 3,168
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Mar. 23, 2017 07:45 AM EDT Reads: 892
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Mar. 23, 2017 06:45 AM EDT Reads: 1,454
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
Mar. 23, 2017 05:30 AM EDT Reads: 1,223
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
Mar. 23, 2017 05:30 AM EDT Reads: 3,016
"Peak 10 is a national cloud data center solutions managed services provider, and part of that is disaster recovery. We see a growing trend in the industry where companies are coming to us looking for assistance in their DR strategy," stated Andrew Cole, Director of Solutions Engineering at Peak 10, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Mar. 23, 2017 05:15 AM EDT Reads: 8,086
The essence of cloud computing is that all consumable IT resources are delivered as services. In his session at 15th Cloud Expo, Yung Chou, Technology Evangelist at Microsoft, demonstrated the concepts and implementations of two important cloud computing deliveries: Infrastructure as a Service (IaaS) and Platform as a Service (PaaS). He discussed from business and technical viewpoints what exactly they are, why we care, how they are different and in what ways, and the strategies for IT to transi...
Mar. 23, 2017 05:00 AM EDT Reads: 5,688
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership abi...
Mar. 23, 2017 05:00 AM EDT Reads: 10,484
Information technology (IT) advances are transforming the way we innovate in business, thereby disrupting the old guard and their predictable status-quo. It’s creating global market turbulence. Industries are converging, and new opportunities and threats are emerging, like never before. So, how are savvy chief information officers (CIOs) leading this transition? Back in 2015, the IBM Institute for Business Value conducted a market study that included the findings from over 1,800 CIO interviews ...
Mar. 23, 2017 04:30 AM EDT Reads: 4,720
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Mar. 23, 2017 04:15 AM EDT Reads: 951