HOUSTON, Dec. 23, 2019 /PRNewswire/ -- Flotek
Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today
announced that John W. Gibson, Jr.
has been named as Chairman of the Board of Directors and Chief
Executive Officer and President of the Company effective
January 6, 2020. Mr. Gibson is a
recognized leader with more than 35 years of experience in the
energy technology, oil and gas services and exploration and
production sectors of the energy industry. With this appointment,
David Nierenberg, Flotek's Chairman
of the Board of Directors ("Board"), will remain an independent
director of the Company's Board, and John
Chisholm, Flotek's current Chief Executive Officer, will
step down from the Board.
Mr. Gibson is coming to Flotek from Tudor, Pickering, Holt &
Company ("TPH"), an energy-focused investment bank headquartered in
Houston, Texas, where in his role
as Chairman of Energy Technology, he has led a team focused on
opportunities in emerging oil and gas technologies. Prior to TPH,
Mr. Gibson served as President and Chief Executive Officer of
Tervita Corporation ("Tervita"), a major Canadian-based
environmental and oilfield services company. Prior to Tervita, he
was President and Chief Executive Officer of Paradigm Geophysical
and Landmark Graphics Corporation, as well as President of
Halliburton Company's Energy Services Group. Mr. Gibson also served
as the former head of subsurface research at Chevron
Corporation.
Mr. Nierenberg commented, "Following an extensive search process
undertaken by our Board, we are extremely pleased to name
John Gibson as our new Chairman and
CEO. John brings extensive experience in the convergence of
oilfield services, technology and geology, and is a widely
respected leader with a strong reputation across the energy
industry for building value and delivering results. As important,
he will provide the Company with a unique combination of large
company discipline and small company entrepreneurship. I look
forward to supporting John and fully expect him to continue to
build upon his strong track record as Flotek further transitions
its business into a differentiated reservoir-centric chemistry
services company that closely partners with its clients to increase
asset productivity."
Mr. Gibson currently serves as a Director of Orocobre Limited
and Bluware Inc., and is a member of University of Houston's Energy Advisory Board,
University of Texas at Austin's Bureau
of Economic Geology Visiting Committee and the National Board of
KickStart for Kids. Mr. Gibson holds a Bachelor of Science in
Geology from Auburn University and
Master of Science in Geology from the University of Houston.
John W. Gibson, Jr. commented,
"Technologies that deliver significant value to the upstream energy
sector have never been more critical as the industry continues to
explore opportunities to address complex reservoir challenges. For
more than 25 years, my career has been focused on identifying
unique and disruptive technologies, and Flotek offers a compelling
value proposition given its proprietary portfolio of fluid
chemistries tailored for the reservoir that deliver increased
hydrocarbon recovery and improve the total cost of ownership for
E&Ps. I believe the Company is ideally suited to address the
industry's long-term needs, including increasing complexity
surrounding well spacing and optimized completions variables. I am
truly excited about the opportunity to lead Flotek and its team of
dedicated employees into its next chapters of long-term
success."
Mr. Gibson will transition from Chairman of TPH's Energy
Technology business to a Senior Advisor to the firm's efforts. "The
men and women of TPH are no doubt the best in the business. It's a
firm totally committed to doing the right thing by its clients and
its people. I fully expect the firm to continue to lead in the
field of emerging energy technologies," offered
Gibson.
Mr. Nierenberg concluded, "On behalf of the Board of Directors,
I also want to thank John Chisholm
for his more than 20 years of service and dedication to Flotek in
roles ranging from director to CEO. John was highly instrumental in
the transformative transaction we completed earlier this year and
leaves Flotek as a much more focused and financially stronger
Company. We wish John all the best in his future endeavors."
About Flotek Industries, Inc.
Flotek develops and delivers prescriptive, reservoir-centric
chemistry technologies to oil and gas clients designed to address
every challenge in the lifecycle of the reservoir and maximize
recovery in both new and mature fields. Flotek's inspired chemists
draw from the power of bio-derived solvents to deliver solutions
that enhance energy production. 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 website at www.flotekind.com.
Forward-Looking Statements
Certain statements set forth in this Press Release constitute
forward-looking statements (within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934) regarding Flotek Industries, Inc.'s business,
financial condition, results of operations and prospects. Words
such as expects, anticipates, intends, plans, believes, seeks,
estimates and similar expressions or variations of such words are
intended to identify forward-looking statements, but are not the
exclusive means of identifying forward-looking statements in this
Press Release.
Although forward-looking statements in this Press Release
reflect the good faith judgment of management, such statements can
only be based on facts and factors currently known to management.
Consequently, forward-looking statements are inherently subject to
risks and uncertainties, and actual results and outcomes may differ
materially from the results and outcomes discussed in the
forward-looking statements. Factors that could cause or contribute
to such differences in results and outcomes include, but are not
limited to, demand for oil and natural gas drilling services in the
areas and markets in which the Company operates, competition,
obsolescence of products and services, the Company's ability to
obtain financing to support its operations, environmental and other
casualty risks, and the impact of government regulation.
Further information about the risks and uncertainties that may
impact the Company are set forth in the Company's most recent
filings on Form 10-K (including without limitation in the "Risk
Factors" Section), and in the Company's other SEC filings and
publicly available documents. Readers are urged not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this Press Release. The Company undertakes no
obligation to revise or update any forward-looking statements in
order to reflect any event or circumstance that may arise after the
date of this Press Release.
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SOURCE Flotek Industries, Inc.