Welcome!

News Feed Item

Flotek Industries, Inc. Announces Appointment of Industry Veteran David McMahon as Vice President of Artificial Lift; Strategic Expansion Plans for Artificial Lift Technologies

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.

Forward-Looking Statements

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.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
The need for greater agility and scalability necessitated the digital transformation in the form of following equation: monolithic to microservices to serverless architecture (FaaS). To keep up with the cut-throat competition, the organisations need to update their technology stack to make software development their differentiating factor. Thus microservices architecture emerged as a potential method to provide development teams with greater flexibility and other advantages, such as the abili...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...