Water solutions portfolio expands for Heckmann with acquisition
Water solutions company Heckmann Corporation has acquired Consolidated Petroleum, providers of water transfer solutions to oil and gas customers engaged in hydraulic fracturing...
PITTSBURGH, PA, June 21, 2011 -- Water solutions company Heckmann Corporation has acquired Consolidated Petroleum, a private full-service water pumping and delivery service company providing water transfer solutions to oil and gas customers engaged in hydraulic fracturing.
Primary operations for Consolidated Petroleum (CPI) are located in the Haynesville Shale and Eagle Ford Shale areas of South Texas and Louisiana. Heckmann's acquisition of CPI adds another key business growth driver for Heckmann Water Resources by broadening its service offering for the procurement and delivery of fresh water to well sites for use in the hydraulic fracturing process.
Through the transaction, Heckmann will acquire approximately 180 miles of portable poly and aluminum pipe that is used above ground for pumping and transporting water from streams, ponds and special holding areas, including the Company's frac tanks, to hydraulic fracturing wells. These assets will add further service capabilities to the Company's PVC fresh water pipeline currently under construction in the Haynesville Shale area. Other assets acquired include pumps, trucks, flatbed trailers, frac tank connections and real property. HWR will retain approximately 80 CPI employees.
Other terms of the transaction were not disclosed.