Dec 4 2014
Flotek Industries, Inc. will make a presentation at the Cowen and Company Ultimate Energy Conference in New York City on Wednesday, December 3, 2014. John Chisholm, Chairman, President and Chief Executive Officer of Flotek, will present to conference attendees beginning at 10:20am EDT.
The presentation will be webcast live and can be accessed from Flotek's website, www.flotekind.com. The presentation slides will be available on the Flotek website coincident with the conference presentation.
Operational Update
While cognizant of recent volatility in commodity prices, Flotek remains focused on accelerating market penetration of its advanced oilfield completion chemistry. As a result of such acceleration, Flotek's preliminary review of the first two months of the fourth quarter suggests revenue should exceed $80 million, a record for any 60-day period in the history of the Company. Those results include the traditional activity moderation associated with the Thanksgiving holiday.
"I am incredibly pleased with the performance of the Flotek team during the first two months of the fourth quarter, especially given the challenges presented by commodity prices and what is typically moderation ahead of the Thanksgiving holiday," said John Chisholm, Chairman, President and Chief Executive Officer of Flotek. "While we understand the challenges ahead, we continue to work more diligently to secure new business, utilizing our exceptional team and our new FracMaxTM software to accelerate the growth of our Complex nano-Fluid® completion chemistries. Combined with our other product lines, we are on-track for another solid quarter in both revenue and profits. While holidays can also impact December results, we are off to a solid start for the last 31 days of the year."
Flotek continues to see an increase in the number of validation projects utilizing Complex nano-Fluid completion chemistries as well as adoption of the chemistries in key basins in North America. In addition, the Company has begun its recompletion validation project in the Bakken which, if successful, should serve as a prototype for unconventional recompletions using CnF® in other unconventional plays across North America. "Each validation is another step in the process whereby field data confirms what FracMax shows: that the use of CnF chemistries serve to create significant value for its users and their shareholders," added Chisholm.
"No company is completely sheltered from a sharp and sustained downturn in commodity prices and, as a result, oilfield activity," added Chisholm. "However, Flotek, with its innovative suite of customized oilfield chemistries that optimize well performance through maximizing production, is relatively well insulated from more difficult commodity price environments," added Chisholm. "Our ability to penetrate new markets – both domestic and international – combined with one of the least levered balance sheets in the industry provides Flotek with unparalleled opportunities in the current market environment as well as financial flexibility to consider a number of options – from share buybacks to strategic opportunities – to enhance shareholder value. This is precisely what we intend to do in the coming months."
Source: http://www.flotekind.com/