Houston Oil Services Company Indicates Fracking Could Resume this Summer

HII Technologies, Inc, a Houston-based oilfield service company with a core focus on frac water management, is optimistic about plans for the second half of 2015. On a corporate update call Friday morning, company CEO Matthew Flemming shared the effects the low oil costs had on company operations and how the company plans to move forward later this year.

While the company closed service locations in Oklahoma and South Texas for “not performing adequately,” Flemming said some are being redeployed to other parts of Texas where prices are more robust and should contribute profitably to the company’s future.

“Eighty percent of the company’s revenues in 1Q 2015 came from our frac water management division,” said Flemming. “Our geographic focus is now primarily the Permian and areas located in West Texas and New Mexico … we believe there is a chance for our company to grow substantially from current levels and focus on this region as the industry recovers.”   

Regarding the company’s mobile oilfield power subsidiary Sage Power Solutions, Flemming said they are looking at “strategic options” which include its potential divestiture because it’s “not operationally aligned with [HII’s] core focus in the water management business.”

On a more promising note, Flemming said some of HII’s smaller oilfield customers have indicated that they would resume fracking schedules as soon as the end of July or August of 2015. 

“We believe the recent declines in customer activity are at or near the end,” he said. “We have identified specific opportunities for incremental activities in the second half of the year which we are excited about.”

Valerie is an experienced writer and editor dedicated to providing useful and relevant career news about the oil and gas industry. Email Valerie at valerie.jones@rigzone.com


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Our Privacy Pledge

More from this Author
Valerie Jones
Editor, Careers | Rigzone
 -  Houston's Oil Industry Eyes Recovery, ... (Oct 21)
 -  Report: Majority of Women Not 'On Trac... (Oct 14)
 -  Advice for Working Millennials, from W... (Oct 13)
 -  BLOG: Survey Finds Stark Differences i... (Oct 7)
 -  US Jobs Report: Mining Employment Rema... (Oct 7)

Most Popular Articles

From the Career Center
Jobs that may interest you
Field Maintenance Controls Technician
Expertise: Maintenance Technician|Rig Mechanic
Location: Eighty Four, PA
Maintenance Supervisor - Drilling
Expertise: Maintenance Manager|Rig Mechanic
Location: Eighty Four, PA
Whipstock Welder
Expertise: Rig Welder|Welding|Workshop
Location: Lafayette, LA
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours