FTS Intl Finally Ready to Launch IPO a Year Later, Seeks $230M

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. In February 2016, 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 2017, FTS announced it would launch an initial public offering (see FTS Intl, NA’s Largest Private Well Completion Co, Going Public). Since that time–nothing. But the long wait is now over. Earlier this week FTS announced they launched their IPO. The company is floating 15.2 million shares of common stock looking to raise in the neighborhood of $230 million…
Continue reading

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…
Continue reading

FTS Intl, NA’s Largest Private Well Completion Co, Going Public

FTS International is the largest private (no 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. That’s about to change. Last week FTS filed with the Securities and Exchange Commission, declaring its intent to raise $100 million via an initial public offering…
Continue reading

FTS Intl Fires All Drivers & Mechanics in Sand Hauling Business

On Tuesday MDN told you that FTS International, the largest private well-completion company in North America with offices and employees in the Marcellus/Utica, has laid off workers in Eighty Four and Venetia, both sites in Washington County, PA (see FTS International Lays off PA Workers – Won’t Say How Many). We now have a few more details on what is happening at FTS–and what’s happening is that FTS is in the process of selling their sand-hauling business, which is located in Eighty Four and Venetia. The company still won’t say how many people they’ve laid off, but an inside source told the Washington Observer-Reporter that 34 sand-truck drivers and seven “coordinators” were let go at Venetia last Friday. A company memo from FTS CEO Michael Doss says they laid off all of the truck drivers and mechanics involved in their sand hauling business. Here’s an update on FTS “adjusting head count,” as they euphemistically put it…
Continue reading

FTS International Lays off PA Workers – Won’t Say How Many

More job causalities from the slowdown in Marcellus/Utica drilling to report. FTS International, the largest private well-completion company in North America with offices and employees in the Marcellus/Utica, has laid off workers. But they’re not saying how many. There were reports FTS had closed their offices in Eighty Four and Venetia–but FTS says that’s not true. Here’s what’s known (which isn’t much)…
Continue reading

Private Company Fracked EQT’s Monster Utica Well, Working on More

As MDN recently reported, EQT is the reigning champ for biggest initial producing Utica Shale well–ever. Their ginormous Scotts Run 591340 dry Utica well in Greene County, PA produced an initial production (IP) of 72.9 million cubic feet of natural gas per day (see EQT’s 1st Utica Well Shatters Record – 72.9 MMcf/d IP Rate!). We also brought you some of the details and data from that well, a well so important that it changed the future course of drilling for EQT (see EQT Releases Data on Biggest Utica Well Ever; Dumping UD Drilling). We’re now happy to bring you the name and a bit of the back story for the privately-held company that fracked the Scotts Run well…
Continue reading

Range Partners with FTSI to Use Shale Gas to Power Fracking Ops

This news is a few weeks old, but interesting and important nonetheless. FTS International reports they have partnered with Range Resources to use shale gas produced by some of Range’s Marcellus Shale wells to power an entire pressure pumping fleet used to frack more Marcellus wells. So far FTS has fracked 15 wells for Range using pumpers run mostly on local shale gas (with a little bit of diesel mixed in)…
Continue reading

FTS International Buys J-W Wireline for Undisclosed Amount

FTS International, one of the largest well completion service companies in North America and a big player in the Marcellus/Utica, is buying J-W Wireline Company, one of the largest independent cased-hole wireline companies in North America. J-W also is a player in the Marcellus/Utica. J-W specializes in deep high-pressure perforating, multiple-zone completions, comprehensive cased-hole logging and pipe recovery. That is, they make fracking possible. Here’s the announcement from FTS that one great company is buying another (for an undisclosed amount)…
Continue reading

OGA 4: Panel Discussion – Drilling & Completions

Panel II: Drilling and Completions

  • Lowering the cost to drill: How to make money when gas sells for $1.50 Mcf
  • Analyzing the potential of self-sufficient power: The change from diesel to natural gas-powered drilling rigs
  • Increasing production with fewer rigs: how shale drilling has changed the rules of the game
  • Addressing the challenge of sourcing water: Are new pipelines a financially and environmentally viable alternative to transport by truck?
  • Evaluating the role of wastewater: Recycling, injection wells and barging
  • Assessing the impact of monster wells: a look at some of the most productive wells on earth, located in the Marcellus & Utica Shale region
  • Comparing wet and dry gas drilling – what are their comparative strengths and weaknesses?
  • Illustrating the current landscape of acreage positions by E&Ps for both the Marcellus & Utica

Moderator: Jim Willis, Editor, Marcellus Drilling News
Speakers: Eric Luckey, Completions Engineer, Noble Energy
Dennis Degner, Director of Operations, Range Resources
Brett Schellenberg, Marketing Executive, Orion Drilling
Bryan Dickson, North East Division Engineering, FTS International
Continue reading