HOUSTON and BUENOS AIRES, Argentina, July 25, 2016 /PRNewswire/ -- Flotek Industries, Inc. (NYSE: FTK) (News) ("Flotek" or the "Company") announced today that it has signed a five-year joint technology development agreement with YPF Technologia S.A. ("Y-TEC"), the technology arm of YPF Sociedad Anonima ("YPF"), the vertically-integrated national energy company of Argentina.
Flotek and Y-TEC will jointly work to develop new technologies and new applications of current technologies with a focus on the oil and gas industry as well as industrial applications beyond energy.
Flotek and Y-TEC's initial collaboration in the energy space will focus on:
- The use of customized chemistry to develop "full fluid systems", building from Flotek's patented CnF® and PrF™ technology platforms for deployment in both the Vaca Muerta shale and Neuquen tight gas basins.
- Design and implementation of a YPF-centric data management application emphasizing chemistry.
- Local supply and production of d-limonene (citrus terpenes) for applications in new and existing wells as well as other industrial and commercial applications.
"We believe Y-TEC's partnership with Flotek, focused on innovative custom chemistry, combined with integrated data analysis will enable us to continue to design more efficient and effective solutions for the development of both conventional and unconventional resources," said Ing. Santiago Sacerdote, Gerente General of Y-TEC. "Y-TEC fully embraces Flotek's philosophy of 'enabling and protecting reservoirs' with the appropriate applications of precision, customized chemistry."
"We are pleased to partner with Y-TEC in their efforts to embrace and deliver innovative technology in the energy sector as well as other industries in Argentina," said John Chisholm, Flotek's President, Chairman, and Chief Executive Officer. "The planned openings of Y-TEC's ambitious new research facility as well as Flotek's new Global Research and Innovation Center in the coming months illustrate both companies are committed to cutting-edge research and innovations and further supports our collaborative effort that will include the sharing of research personnel and resources across the Americas."
About Flotek Industries, Inc.
Flotek is a global developer and distributor of a portfolio of innovative oilfield technologies, including specialty chemicals and down-hole drilling and production equipment. It serves major and independent companies in the domestic and international oilfield service industry. 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.
Y-TEC is a technology company owned 51% by YPF -the state oil company- and 49% by the National Council of Scientific and Technical Research (CONICET). The CONICET is an autarkic institution of the Ministry of Science, Technology and Innovation of Argentina and it is the nation's leading scientific institution and one of the most relevant in Latin America.
About YPF S.A.
YPF is Argentina's leading energy company, operating a fully integrated oil and gas chain with leading market positions across the domestic upstream and downstream segments. YPF's upstream operations consist of the exploration, development and production of crude oil, natural gas and LPG. YPF's downstream operations include the refining, marketing, transportation and distribution of oil and a wide range of petroleum products, petroleum derivatives, petrochemicals, LPG and bio-fuels. Additionally, YPF is active in the gas separation and natural gas distribution sectors both directly and through its investments in several affiliated companies.
Headquartered in Buenos Aires, Argentina, YPF is traded on the Buenos Aires Stock Exchange and its American Depositary Shares are traded on the New York Stock Exchange.
For more information on YPF, please visit www.ypf.com.
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.
SOURCE Flotek Industries, Inc.