PropX has been acquired by Liberty Oilfield Services. This combination will enable PropX to enhance its equipment development as well as logistics data, software and technology, offering the industry “an unparalleled last-mile solution of equipment, software and frac experience,” the company stated.
Founded in 2016, PropX is a leading provider of last-mile proppant delivery solutions including proppant handling equipment, logistics and software across North America.
PropX offers environmentally friendly technology with optimized dry and wet sand containers plus wellsite conveying equipment that drive logistics efficiency while reducing truck traffic, noise and emissions. PropX wet sand handling technology is a key enabler of the next step of cost and emissions reductions in the proppant industry.
PropX also offers customers the latest real-time logistics software, PropConnect. PropX will continue to provide excellent service and support in delivering these solutions to all of our clients industry-wide, the company stated.
“From our inception, PropX set out to provide the best solution for delivering proppants from a terminal or mine to the wellsite and into a service company blender on hydraulic fracturing operations. With services and equipment supplied across all major tight oil and gas basins across the United States, PropX has built a reputation for customer service and innovation on more than a quarter of current frac operations. Our latest system for delivery of wet sand has changed the way our customers think about sand supply and the benefits of lower cost, reduced trucking, eliminating emissions from sand drying and reducing truck trips which have been touted by customers ranging from frac companies, E&P’s and sand suppliers. These wet systems provide substantial ESG benefits to our clients,” said Kevin Fisher, CEO of PropX.
“This combination will allow PropX to continue to efficiently develop our hardware solutions, automating processes to streamline ordering, delivery, inventory tracking and invoicing in the last mile and those developments will benefit all of our clients: frac service providers, E&P customers, sand mining and trucking carriers alike. With rising demand for oil and gas along with the services required to fulfill that demand, the future has never been brighter. We look forward to this combination of innovative companies,” Fisher said.
“We have a relentless focus on building value over the long term, and we are pleased to announce the acquisition of PropX, at a highly accretive valuation multiple. The addition of PropX integrates the latest proppant delivery technologies and software into our supply chain and brings advanced, ESG-friendly wet sand handling technology and expertise that we can bring to the whole industry. Together, we believe these solutions will reduce the environmental impact of last-mile delivery and lower our total delivered cost to our customers,” commented Chris Wright, Liberty’s chief executive officer. “This acquisition exemplifies our strategy of investing for the future and maintaining a clear focus on technology innovation, highly efficient operations and a strong balance sheet to deliver greater value for our shareholders through cycles.”