Quintana Energy Services (QES) has sold its conventional pressure pumping operations in Kansas and Oklahoma, US, to oilfield service company Hurricane Services.
The sale of the pumping operations is valued at $4.4m in cash and involved around 12,000 hydraulic horsepower; five facilities, including Bartlesville, Oklahoma; and Oakley, Ottawa, Thayer and El Dorado, Kansas; and 26 personnel to Hurricane.
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QES noted that the sold assets respectively generated revenue and adjusted EBITDA of $7.9m and $1m last year.
These operations were responsible for $2.2m of revenue for the six months ended June.
QES president and CEO Chris Baker said: “This sale allows us to streamline our focus and cost structure on our go forward service offering and the needs of our unconventional pressure pumping and cementing customers.
“Our regional pressure pumping predecessor, Consolidated Oil Well Services, had been active in the Kansas pressure pumping market since 1956, but as our operating strategy evolved to focus on high-utilisation unconventional completions, these legacy conventional pumping services have become non-core.
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By GlobalData“Post-closing, we retain the remainder of our pressure pumping operations, including the unconventional frac business operating in the Mid-Con, Permian and Rockies and our cement business based in Gillette, Wyoming.”
QES provides oilfield services to onshore oil and natural gas exploration and production companies operating in both conventional and unconventional basins throughout the US.
The company provides services such as directional drilling, pressure pumping, pressure control and wireline services.
It also offers a suite of products and services to a broad customer base that is supported by in-house manufacturing, repair and maintenance capabilities.
