HOUSTON, July 16,
2024 /PRNewswire/ -- Flotek Industries' (NYSE: FTK)
wholly owned subsidiary JP3 Measurement, a leader in innovative
analytical measurement solutions, today announced that the
Environmental Protection Agency (EPA) has designated the JP3 system
as an approved measurement technology with respect to recently
enacted flare regulations. This state-of-the-art optical
instrument, designed for the precise measurement of net heating
values (NHV) in flare gases, is the first to be approved as an
alternative method under the new NSPS OOOOb regulations, supporting
cleaner and more efficient operations across the oil and gas
industry.
JP3's technology utilizes advanced Near InfraRed (NIR)
Spectroscopy to deliver accurate, autonomous, and continuous
real-time flare emission measurements. Its robust design is
specifically engineered for challenging field conditions typical of
midstream and upstream sectors, simplifying complex compliance
hurdles. With over 55,000 existing flares in the United States expected to be subject to
some level of monitoring regulation by 2028, this approval
positions JP3 to significantly expand its footprint into this new
upstream market space.
Dr. Ryan Ezell, Chief Executive
Officer, expressed his enthusiasm about future Data Analytics
applications: "The EPA's approval of the JP3 system for flare
measurement is not just a validation of our technology—it's a
catalyst for significant growth. We are poised to deliver
substantial value and tangible ESG benefits to our customers,
particularly in upstream applications. This approval is a major
milestone that augments our expectations regarding the continued
subscription-based revenue growth of our Data Analytics
segment."
Thomas Redlinger, Vice President
of Data Analytics, also reflected on the impact: "We expect the JP3
analyzer to transform how the industry approaches flare emission
monitoring as it did with other applications within the oil and gas
industry. By integrating real-time data analytics with rigorous
environmental measurement, we are providing our clients with tools
that exceed regulatory requirements without the operational risks
of legacy analytical equipment. Several operators have already
selected JP3 analyzers to help them address the new regulation
requirements."
As regulatory demands evolve, JP3 Measurement continues to lead
with cutting-edge solutions designed to address both current and
future challenges. For more information about JP3 offerings, please
visit www.flotekind.com.
About Flotek Industries, Inc.
Flotek Industries, Inc. is an advanced technology-driven, green
chemical and data analytics company providing unique and innovative
completion solutions that have a proven, positive impact on
sustainability and reducing the overall environmental impact of
energy on air, land, water and people. Flotek has an intellectual
property portfolio of over 170 patents and a global presence in
more than 15 countries throughout North
America, Latin America, the
Middle East and North Africa. Flotek has established
collaborative partnerships focused on sustainable and optimized
chemistry and data solutions which improve well performance and
allow its customers to generate higher returns on invested
capital.
Flotek is based in Houston,
Texas and its common shares are traded on the New York Stock
Exchange under the ticker symbol "FTK". For additional information,
please visit www.flotekind.com.
Forward-Looking Statements:
Certain statements set forth in this press release constitute
forward-looking statements (within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934) regarding Flotek Industries, Inc.'s business,
financial condition, results of operations and prospects. Words
such as will, continue, expects, anticipates, intends, plans,
believes, seeks, estimates and similar expressions or variations of
such words are intended to identify forward-looking statements, but
are not the exclusive means of identifying forward looking
statements in this press release. Although forward-looking
statements in this press release reflect the good faith judgment of
management, such statements can only be based on facts and factors
currently known to management. Consequently, forward-looking
statements are inherently subject to risks and uncertainties, and
actual results and outcomes may differ materially from the results
and outcomes discussed in the forward-looking statements. Further
information about the risks and uncertainties that may impact the
company are set forth in the Company's most recent filing with the
Securities and Exchange Commission on Form 10-K (including, without
limitation, in the "Risk Factors" section thereof), and in the
Company's other SEC filings and publicly available documents.
Readers are urged not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The Company undertakes no obligation to revise or
update any forward-looking statements in order to reflect any event
or circumstance that may arise after the date of this press
release.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/floteks-jp3-analyzer-receives-epa-approval-for-oil-and-gas-flare-monitoring-regulations-302198572.html
SOURCE Flotek Industries, Inc.
