According to a report on Reuters, oil and gas tycoon Bud Brigham is exploring an initial public offering (IPO) of Atlas Sand, in what would be the first U.S. listing of an oilfield services company since 2018.
Atlas and its peers were hit hard when shale producers slammed the brakes on drilling at the onset of the COVID-19 pandemic two years ago. Their business is now booming as the energy industry ramps up production in the wake of soaring prices that have been driven up by Russia’s war in Ukraine.
Austin, Texas-based Atlas has hired Goldman Sachs Group Inc. to lead preparations for the IPO, which could value the company at between $2 billion and $3 billion including debt, the sources said.
The sources cautioned there is no guarantee that Atlas will go through with the listing plan, adding that the timing of any offering would depend on market conditions. They requested anonymity to discuss confidential information.