Hurricane damage will cut $5 million
from Flotek Industries’ revenues in Q3,
a sizeable hit for a company that had
$85 million in Q2 revenue.
Most other oilfield services
reported limited impact
from the storms although CB&I closed its
Beaumont, TX, fabrication shop because
of “irreparable damage.”
Flotek was particularly unfortunate
as both hurricanes Harvey and Irma
affected the specialty chemical supplier.
Harvey's impact in Texas caused some
chemical suppliers to declare force
majeure, which diminished client activity,
said Flotek who supplies chemicals
used in completions. Shortages of raw
materials from......
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