|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.
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, will provide the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” uses open source attack tools that are free and available for download by anybody. Attendees will learn where to find and how to operate these tools for the purpose of testing their own IT infrastructu...
Aug. 30, 2015 02:00 AM EDT Reads: 379
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
Aug. 30, 2015 01:00 AM EDT Reads: 379
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Aug. 30, 2015 01:00 AM EDT Reads: 425
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...
Aug. 30, 2015 01:00 AM EDT Reads: 468
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, will discuss how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a prac...
Aug. 30, 2015 01:00 AM EDT Reads: 203
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and a...
Aug. 29, 2015 11:45 PM EDT Reads: 420
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
Aug. 29, 2015 10:00 PM EDT Reads: 319
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of I...
Aug. 29, 2015 07:30 PM EDT Reads: 375
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
Aug. 29, 2015 07:15 PM EDT Reads: 368
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 ab...
Aug. 29, 2015 04:00 PM EDT Reads: 320
A producer of the first smartphones and tablets, presenter Lee M. Williams will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. In his session at @ThingsExpo, Lee Williams, COO of ETwater, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ET...
Aug. 29, 2015 03:45 PM EDT Reads: 106
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...
Aug. 29, 2015 01:00 PM EDT Reads: 147
WSM International, the pioneer and leader in server migration services, has announced an agreement with WHOA.com, a leader in providing secure public, private and hybrid cloud computing services. Under terms of the agreement, WSM will provide migration services to WHOA.com customers to relocate some or all of their applications, digital assets, and other computing workloads to WHOA.com enterprise-class, secure cloud infrastructure. The migration services include detailed evaluation and planning...
Aug. 29, 2015 12:00 PM EDT Reads: 143
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
Aug. 29, 2015 11:45 AM EDT Reads: 152
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
Aug. 29, 2015 11:30 AM EDT Reads: 200