Halliburton has entered into a definitive agreement with CARBO Ceramics Inc. to acquire the assets of Pinnacle Technologies, Inc., including the Pinnacle brand. Pinnacle is a leading provider of microseismic fracture mapping services and tiltmeter mapping services.
Pinnacle has monitored more than 12,000 hydraulic fracture treatments since its founding in 1992. The company’s unparalleled level of fracture mapping experience is now being utilized by operators to overcome the complexities of shale reservoirs across North America, including the Bakken, Barnett, Caney, Fayetteville, Marcellus, Muskwa and Woodford.
The acquisition complements Halliburton's portfolio of industry-leading stimulation technologies. The addition of Pinnacle’s real time stimulation monitoring and analysis capabilities will provide Halliburton's customers with a compelling reservoir stimulation solution. The solution reduces uncertainty and increases the efficiency of fracturing and acidizing services while maximizing reservoir performance and will be especially beneficial in unconventional resources. Pinnacle will operate as a business unit within Halliburton Wireline and Perforating Services.
"Complex reservoirs are becoming more prevalent, so operators need better information, often in real time, in order to optimize their production solutions," said Cris Gaut, president of Halliburton's Drilling and Evaluation Division. "Pinnacle's capabilities complement Halliburton's vision of the Digital Asset by combining real-time reservoir understanding with cutting-edge stimulation technology to address the challenges of unconventional resources."
"The integration of Pinnacle and Halliburton creates exceptional opportunities for our customers and employees," said Kevin Fisher, president of Pinnacle. "I look forward to combining the passion we have for tiltmeter and microseismic fracture diagnostics with the resources and capabilities of one of the world's largest and most respected energy services companies."
Halliburton has also entered into a multi-year ceramic proppant supply agreement with CARBO Ceramics. "Our supply agreement with CARBO provides supply continuity for our industry-leading propped-fracture stimulation processes," said David King, president of Halliburton's Completion and Production Division.
Under this agreement, CARBO Ceramics will retain Pinnacle's FracProPT, hydraulic fracturing consulting and Applied Geomechanics assets.
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