In documents filed with the
FTS is a leading provider of hydraulic fracturing, or fracking, services for drillers, and the company is active in several large fields, including the Permian,
With fracking, drillers pump water, sand and chemicals into underground formations at high pressure to break up rock and release oil and gas.
The move comes as FTS is recovering from a big slump caused by the downturn in oil and natural gas prices two years ago. According to the
FTS says it has seen a rebound in demand for fracking services as oil prices have doubled in the past year after bottoming out below
“We believe this increase in demand coupled with industry contraction and the resulting reduction in hydraulic fracturing capacity since late 2014 will particularly benefit us,” the company said in its filing.
FTS is based in the 777 Main office tower in downtown
FTS first made its filing in February and amended it last week. The company says it has about 1,900 employees, off from as many as 4,400 in
Frac-Tech was founded in
In 2011, the Wilks brothers sold controlling interest to a group of investors led by
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