Page 17 - NorthAmOil Week 21

NorthAmOil
NEWS IN BRIEF
NorthAmOil
MIDSTREAM
Tankfarm raises $3.5mn to transform propane industry with consumer-friendly technology
Tankfarm, a new kind of propane distribution company, announced today that it has
closed $3.5mn in Series-A funding for its platform that modernizes and streamlines propane distribution in the US. The round was joined by a series of strategic investors. With this funding, Tankfarm will advance the development of its software, expand its team, and fuel growth of the Tankfarm network.
“There’s a huge opportunity to improve the customer experience for residential propane consumers, who haven’t had the option to work with suppliers that prioritise transparency, ease-of-use, and tech enabled customer service,” said Andrew Heaney, Tankfarm co-founder and CEO. “Tankfarm builds software and applications that delight customers, while also benefiting suppliers.”
Tankfarm invests in software and tank monitors to make deliveries more efficient and profitable for suppliers and more convenient for consumers. The company aims to improve the propane industry’s approach
to technology, so it can begin to meet the expectations of today’s propane consumer. The US propane industry is highly fragmented and has been slow to embrace new technology.
Tankfarm builds software and applications that connect propane customers with suppliers in an easy, intuitive, transparent way. The company is laser focused on the residential propane market and delivers a seamless customer experience. The software is free to use, Tankfarm does not charge any hidden nuisance fees, and customer service
is a priority. To fulfill deliveries, Tankfarm has partnered with best-of-breed propane marketers in 22 states and from over 160 locations. Tankfarm’s scalable platform places it on track to be one of the largest propane suppliers in the country.
TANKFARM, May 27, 2020
SERVICES
Cold Bore Technology
launches beta/commercial
test of pioneering ‘Frac
Action’ frack optimisation
software
Cold Bore Technology, a leader in completion optimisation technology, announced today that it will initiate beta testing of its latest software product ‘Frac Action’ with select operators in the coming days.
Developed in-house, the Frac Action graphing software allows frack operators,
for the first time, to overlay high resolution, real-time stage frack data onto that of multiple previous stages. The ability to compare stages in real time enables operators to visualize optimal performance and make critical decisions in real-time.
Unlike a handful of data aggregation technologies in the market, Frac Action
is powered by high resolution, structured
well data, collected at source in real time
and correlated directly into an intelligent dashboard via Cold Bore’s SmartPAD operating system. The patented SmartPAD uses a combination of valve positioning, pressure monitoring sensors, field data collection systems and proprietary software to fully digitize completions operations.
“Frac is the most expensive but also the most effective way to increase wellbore production and because of that, producers need better tools to optimize their fracking operations,” said Brett Chell, president at Cold Bore. “Our new Frac Action software has been specifically developed to give producers another level of transparency. It provides real- time insight that can help them make better, more informed decisions making operations safer, more efficient and more profitable.”
Frac Alert has been in active research and development for over six months and is expected to see full commercial deployment within the coming months.
COLD BORE TECHNOLOGY, May 26, 2020
Basic Energy Services
announces consolidation of
regional operations
Basic Energy Services today announced
the implementation of changes to the organisational structure of the company, reducing the number of operating regions from five to three. Basic believes this internal consolidation will result in approximately $20mn in annual cost savings, in addition to the previously announced $17mn of expected annual cost synergies related to the acquisition of C&J Well Services and $20mn cost savings previously disclosed in response to market volatility related to the COVID-19 pandemic.
To further reduce costs, Basic announces the reorganisation and consolidation of its current operating structure, which previously consisted of five regions: Permian Basin, Central, Rocky Mountains, California, and Agua Libre Midstream. The streamlined structure will result in three regions, which will operate on a hub-and-spoke model and will allow for the removal of a layer of General and Administrative costs by removing yard- level P&Ls, increasing operating leverage and flexibility through the business cycle. The three new regions are as follows:
Central, consisting of operations in the Permian Basin, Gulf Coast, Louisiana, North Texas and Oklahoma;
Western, consisting of operations in California and the Rocky Mountains; and Agua Libre, which is unaffected by this
reorganisation.
To support this leaner organisational
structure, Basic is appointing a product service line lead for its most significant businesses, including well servicing, water logistics, plugging and abandonment/coiled tubing, and rental and fishing tools/snubbing. BASIC ENERGY SERVICES, May 27, 2020
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