Regiment LLC, whose oilfield services are focused in the Permian Basin and Eagle Ford Shale, said it has expanded its completions fleet with two recent acquisitions.
The privately held operator disclosed few financial details. In late September, it said it acquired a fleet of pumps and high specification fracture stack equipment from a private pressure pumper. In a separate transaction in November, Regiment said it tacked on more pressure pumping equipment with a Permian operator.
Together, the purchases increased the total asset base to more than 75,000 hydraulic hp, the Midland, TX-based operator said.
“We’re excited to grow our existing pressure pumping services, as well as launch our new pressure pumping rental and frac stack service lines,” CFO Marcus Minton said. “The addition of Tier IV equipment and the optionality of dual-fuel consumption will help Regiment lower its emissions as customers seek to reduce their carbon footprint.
“We have grown our equipment base substantially in 2021, with plans for continued expansion in 2022.”
Regiment is a portfolio company of Energy Founders Fund LP, which is sponsored by Houston-based private equity fund Donovan Ventures.
“We continue to see expansion opportunities in the Permian Basin and are thrilled to support Regiment’s continued growth,” said Energy Founders managing partner John Donovan. “Regiment’s growing asset based and expanded service lines will enable the team to meet rebounding demand from current customers, as well as expand to meet new customer needs.”
Upstream oil and gas employment in Texas reached 185,800 in November, representing increases of 2,400 jobs month/month and 24,800 positions year/year, the Texas Independent Producers and Royalty Owners Association recently reported.
According to Baker Hughes Co. (BKR), the oil and gas rig count in the Permian has risen by about 70% from a year ago, with the Eagle Ford up by 69%.
Regiment specializes in pump down and toe preparations to complete wells.
Pump-down perforating, according to BKR, is a “completion technique of conveying perforating guns and a plug into horizontal wells by pumping fluids from surface. Once the plug is set at its required depth, the guns receive commands via wireline to fire, creating production pathways through the cased and cemented well and into the formation.”
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