Flotek and Resolute Oil Collaborate to Expand Green Chemistry
HOUSTON, July 27, 2021 – Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK), a leader in green specialty chemistries serving industrial, commercial and consumer markets, announced today it has entered into a long-term agreement with Resolute Oil, a leader in high-quality white mineral oil serving consumer and industrial customers, to leverage capabilities and facilities to drive growth in adjacent green chemistry markets. The agreement includes options to renew until 2036.
Through the agreement, Resolute Oil will fully utilize Flotek’s entire 15-acre campus, including its 38,000 square foot chemical blending facility, based in Waller, TX, to manufacture United States Pharmacopeia-National Formulary (USP-NF)-grade white mineral oil distributed globally to customers in the agricultural, energy, food & beverage, cosmetic, and personal care markets. Flotek’s facility is customized for the production of green chemistries and certified by the U.S. Food and Drug Administration (FDA) and Environmental Protection Agency (EPA), facilitating the production of food-grade chemistries.
With more than 164 patent assets, Flotek has leveraged its best-in-class research and innovation capabilities to become a global leader in sustainable chemistry technologies serving customers in consumer and industrial markets. The collaboration between Flotek and Resolute Oil will enable the companies to leverage their expertise and access adjacent market verticals for mutual benefit.
The Company also has significant blending capacity at its 90,000 sq ft. ISO 9001:2015-certified manufacturing facility in Marlow, OK. Flotek utilizes its manufacturing capabilities and capacity to blend products on behalf of suppliers in a contracted capacity.
Flotek Industries, Inc. creates solutions to reduce the environmental impact of energy on air, water, land and people. A technology-driven, specialty green chemistry and data company, Flotek 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 www.flotekind.com.
About Resolute Oil
Resolute Oil is a global supplier of specialty hydrocarbon products to many markets, including agriculture, oil and gas, ink, cosmetics, and personal care. Our products include highly refined technical-, NF-, and USP-grade white mineral oils, base oils, low-aromatic solvents, and petrolatum. The team at Resolute Oil has decades of experience, and we take pride in providing industry-best customer service. Resolute Oil has worldwide storage, production, and packaging capabilities. Our MaxPar®, MaxPure®, MaxNap®, MaxSol®, and MaxSolv® brands are universally recognized for purity, performance, and consistency. Resolute Oil also works with customers to develop and blend application-specific formulations in our state-of-the-art labs. To learn more, visit resoluteoil.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 will, continue, 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. Further information about the risks and uncertainties that may impact the Company are set forth in the Company’s most recent filing with the Securities and Exchange Commission on Form 10-K (including, without limitation, in the "Risk Factors" section thereof), 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.