HOUSTON, Sept. 7, 2017 /PRNewswire/ -- Flotek
Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today
announced impacts from Hurricane Harvey which impacted the Gulf
Coast region of the U.S. and recently made landfall in Texas. Flotek's direct facilities suffered
minimal-to-no damage on its critical infrastructure. With
widespread damages across the region, some of the Company's
employees were impacted; with ~10 percent of its Texas-based labor force having direct impact
from the storm and subsequent flooding.
Flotek has established a $150,000
fund through its foundation for victims of the storm and flooding
in the region, partially funded by employees of the Company. These
funds will go towards providing assistance to local communities and
individuals to help rebuild and try to return to life prior to the
catastrophic impacts from the hurricane.
The Company has and expects to continue to meet its commitments
to clients, as it shifted manufacturing from the Waller, Texas facility to the Marlow, Oklahoma facility ahead of hurricane
landfall. E&P operators continue to assess possible
damages; meanwhile other isolated disruptions in the industry
supply chain have been reported given the vast area of flooding and
regional logistical bottlenecks. There have been isolated field
level reports of delivery delays of certain products which include
but are not limited to diesel and other consumables to locations.
Some suppliers have also expressed shipping challenges into the
Houston region, which cannot be
quantified to be material at this time.
In addition, as Hurricane Irma approaches the southeast region
of the U.S., Flotek is preparing its Florida Chemical subsidiary
(which is located in Winter Haven,
Florida), for the storm. This includes protecting
equipment, infrastructure and moving inventories to secure
locations across the Company's footprint. If the storm continues
its path to Florida, operations
may temporarily close to ensure the safety of employees, their
families and facilities.
John Chisholm, Flotek's Chairman,
President and Chief Executive Officer commented, "The magnitude of
the damage associated with Harvey in the region is tremendous.
There have been thousands of displaced friends, family and clients
of Flotek, and we believe it's our duty to continue to make a
difference in our local communities by aiding in the disaster
relief initiatives. Our employees are eager to help rebuild their
communities as their desire for financial contribution speaks
volumes to the people at our organization. We are in the process of
assessing what the impact to our outlook, if any, will be during
the third quarter due to potential disruptions and costs associated
with our preparation for both storms."
About Flotek Industries, Inc.
Flotek develops and
delivers prescriptive chemistry-based technology, including
specialty chemicals, to clients in the energy, consumer industrials
and food & beverage industries. Flotek's inspired chemists draw
from the power of bio-derived solvents to deliver solutions that
enhance energy production, cleaning products, foods & beverages
and fragrances. In the oil and gas sector, Flotek serves major and
independent energy producers and oilfield service companies, both
domestic and international. 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.
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SOURCE Flotek Industries, Inc.