Acquisition complements Extract’s existing technology portfolio for solving the most difficult ESP-related production challenges
TULSA, OK, January 3, 2022 – Extract Companies (Extract), a leading independent provider of electric submersible pump (ESP) technology, announced today that it has closed on a transaction to acquire Veretek (formerly Elite Multiphase Solutions), a provider of specialized solutions for mitigating the impacts of sand and gas in producing oil wells.
Produced gas and solids such as sand increase costs for E&P companies by causing premature equipment failures and production interruptions. They also drive unnecessary emissions by causing additional wellsite trips and the use of equipment with heavy steel content. Solutions to address the operational challenges of existing wells are critical to improving economic returns and reducing the carbon intensity of production.
“This acquisition demonstrates that Extract is committed to innovations that support improving operator cash flow while helping reduce carbon intensity,” said Matt Gipson, President of Extract Companies. “As other service providers pull back, Extract continues working on the industry’s toughest production challenges.”
Extract is a leading independent provider of ESP and surface pumping technology to the upstream US oil and gas industry. Our combination of reliable equipment, responsive service, and differentiated technology helps operators generate operating cash flow from production assets while reducing emissions.
Veretek provides unique technology solutions to some of the upstream industry’s most difficult ESP production challenges, helping reduce premature equipment failure and mitigate unnecessary emissions due to wellsite trips.
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