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Flotek Industries Inc (NYSE: FTK) delivers innovative chemistry and data solutions for sustainable energy operations. This page provides investors and industry professionals with centralized access to all official Flotek news and press releases.
Track critical updates across Flotek's core operations: specialty chemical formulations for oilfield efficiency, downhole drilling tools engineering, and artificial lift systems development. Our news collection covers earnings announcements, technology partnerships, product launches, and sustainability initiatives.
Stay informed about developments in Flotek's green chemistry advancements and real-time data analytics solutions that help energy companies reduce environmental impact. Bookmark this page for direct access to strategic updates affecting FTK's market position in energy technology.
Flotek Industries reported third quarter 2020 revenues of $12.7 million, a 43.5% increase from the previous quarter but down from $21.9 million YoY. The company faced challenges due to the pandemic and a volatile oil market, resulting in a loss from continuing operations of $45.2 million, or $0.66 per share. Major impairment charges totaled $24.2 million in the Data Analytics segment. Flotek has diversified its portfolio, including the acquisition of JP3 and enhanced sanitizing product lines. The firm is focusing on cost reductions and international growth, aiming to improve financial stability.
Flotek Industries welcomes Michael Fucci to its Board of Directors, bringing nearly 40 years of experience from Deloitte. Fucci previously served as Executive Chairman and Chief Operating Officer at Deloitte Consulting, where he led the Human Capital Practice to significant growth. Chairman John W. Gibson, Jr. expressed confidence that Fucci will enhance the company's focus on diversity, inclusion, and shareholder value. Fucci aims to contribute to Flotek’s growth in the specialty chemistry and data technology sectors, emphasizing his commitment to the innovation-driven environment at Flotek.
Flotek Industries, Inc. (NYSE: FTK) announced the postponement of its third quarter 2020 earnings results, originally set for November 9, 2020, due to ongoing COVID-19 market conditions impacting oil and gas demand. The Company will conduct an impairment analysis of long-lived assets in its Data Analytics segment as of September 30, 2020. New earnings will now be released after market close on November 16, 2020, with a conference call scheduled for November 17, 2020, at 11:00 a.m. CST.
Flotek Industries, Inc. (NYSE: FTK) announced its schedule for releasing third quarter 2020 results on November 9, 2020, following market close. The earnings conference call is set for November 10, 2020, at 9:00 a.m. CST. The Company specializes in specialty chemistry and technology solutions for various markets, including the energy sector. Further details and updates can be found on the official website.
Flotek Industries, Inc. (NYSE: FTK) announces the appointment of Harsha V. Agadi to its Board of Directors, where he will lead the Compensation Committee. Agadi brings over 30 years of executive experience from various Fortune 50 companies. His notable past roles include CEO positions at Crawford & Company, Friendly's Ice Cream, and Church's Chicken. Chairman John W. Gibson, Jr. emphasized Agadi's expected contributions to Flotek's new sanitizer and surface cleaning business, leveraging his insights from the food service sector.
Flotek Industries, Inc. (NYSE: FTK) reported a significant decline in second-quarter 2020 revenue of $8.9 million, down 54.3% year-over-year and 54.3% sequentially, largely due to challenges in the oil and gas market. The company incurred a loss of $9.6 million, an improvement from a $12.8 million loss in Q2 2019. Flotek's acquisition of JP3 aims to diversify revenue streams, while it also launched a premium-grade sanitizer line. The firm holds $59.9 million in cash as of June 30, 2020, and is focused on preserving liquidity amidst the pandemic's impact.
Flotek Industries has appointed Michael E. Borton as its new Chief Financial Officer (CFO), effective August 3, 2020. With 35 years of experience in financial leadership roles, Borton has a strong background in driving growth in various sectors such as SaaS and energy. His previous roles include CFO positions at Dynasty Sports and Wombat Security Technologies. To align with shareholder interests, he has been granted 240,000 restricted stock awards and 360,000 performance-based options. Flotek aims to leverage Borton's expertise for profitable growth and technological advancements.
Flotek Industries, Inc. (NYSE: FTK) has announced its schedule for the second quarter 2020 earnings release, set for August 5, 2020, after market close. The company will disclose financial results for the period ended June 30, 2020. An earnings conference call is scheduled for August 6, 2020, at 9:00 a.m. CDT. Participants can access the call via the company’s website or by phone. Flotek focuses on optimizing hydrocarbon streams in the energy sector through technology and services.
Flotek Industries has announced it has regained compliance with the NYSE's continued listing standards as of June 30, 2020. This follows a prior notification on April 17, 2020, regarding its share price falling below the $1.00 requirement over 30 consecutive trading days. The recent average closing price exceeded the minimum, allowing the removal of the compliance indicator on its shares. Flotek operates by providing innovative chemistry technologies to the energy sector, helping optimize hydrocarbon value.
Flotek Industries, Inc. (NYSE: FTK) announced the appointment of TengBeng Koid as President of Global Business. Koid will lead the domestic and international business development strategies for the company's Energy Chemistry Technologies and newly acquired Analysis & Data division from JP3. With over 30 years in the oil and gas sector, Koid previously served as President of Energy Solutions at Emerson. He has a strong track record of driving growth and has been granted 200,000 restricted stock awards and performance-based options linked to the company's stock performance.
