Flotek Industries (FTK) - Flotek Leases Out Part of Its Facilities
Flotek Industries (FTK)
Flotek Leases Out Part of Its Facilities
Flotek Industries, Inc. creates solutions to reduce the environmental impact of energy on air, water, land and people. Flotek Industries, Inc. is a technology-driven, specialty chemistry and data company that helps customers across industrial, commercial and consumer markets improve their Environmental, Social and Governance performance. Flotek’s Chemistry Technologies segment develops, manufactures, packages, distributes, delivers, and markets high-quality cleaning, disinfecting and sanitizing products for commercial, governmental and personal consumer use. Additionally, Flotek empowers the energy industry to maximize the value of their hydrocarbon streams and improve return on invested capital through its real-time data platforms and green chemistry technologies. Flotek serves downstream, midstream and upstream customers, both domestic and international. Flotek 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.
Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Flotek announced a long-term agreement with Resolute Oil to lease out its 15-acre blending facility in Waller, TX. Terms of the agreement were not announced. Resolute will use the facility to blend white mineral oil which is used in a variety of industries from agriculture to food to cosmetics. Resolute will have the right to upgrade the facilities (perhaps to manufacture products for Kosher foods) and the option to renew the lease until 2036.
The lease should not affect Flotek's current operations. Flotek has six operating facilities. Flotek's other operating facilities are located in Texas (2), Oklahoma, Canada, and Europe. We do not believe the lease of the Waller plant will have an adverse impact on its ability to manufacture its oil service and cleaning products at current levels. By leasing out the facilities instead of selling ...
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
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