Fracker FTS International Gets Ready to Launch IPO

FTS International, is the largest private (not publicly traded stock) well completion company in North America. In 2015 FTS fracked EQT’s ginormous Scotts Run 591340 dry Utica well in Greene County, PA producing an initial production (IP) of 72.9 million cubic feet of natural gas per day (see Private Company Fracked EQT’s Monster Utica Well, Working on More). That well is still the reigning champion for highest initial production. However, a year ago FTS sold off their sand hauling business and laid off over 40 people (see FTS Intl Fires All Drivers & Mechanics in Sand Hauling Business). FTS euphemistically called it “adjusting head count.” If you’ve ever been “adjusted,” you know how it lousy it feels. We mentioned that FTS is the largest *private* well completion company in North America. In February FTS announced it would launch an initial public offering (see FTS Intl, NA’s Largest Private Well Completion Co, Going Public). But since that time we’ve not heard anything more about the IPO. That is, until now. An investor website noticed that FTS has just filed an amended form with the Securities and Exchange Commission related to the IPO. The paperwork still indicates they seek to raise $100 million, but the investor website notes that figure is often used as a placeholder. What the FTS paperwork does not indicate is when the shares will be offered, and what kind of price per share they hope to get. What the paperwork does seem to imply is that FTS is either now actively shopping its IPO shares, or soon will be. In scanning through the SEC paperwork, a couple of items pop out as noteworthy for us: (1) the company is $1.2 billion in debt, and (2) they currently operate 6 frack fleets in the Marcellus/Utica…

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