ENGLEWOOD, Colo., Jan. 15, 2015 (GLOBE NEWSWIRE) -- Innospec, Inc. (Nasdaq:IOSP) is pleased to announce that its Independence Oilfield Chemicals (IOC) business has completed the first successful application of its innovative TruClean™ Water Service in the Eagle Ford Shale Region, resulting in substantial cost savings when compared to conventional treatments. This service is particularly vital when oil and gas prices are low, and production costs are under extreme scrutiny.
As part of a pre-treatment project for a client seeking a more cost-effective, safer alternative to the industry standard, this first treatment in a frac application consisted of a custom designed delivery system that provides improved performance throughout the frac job. This service does not require onsite chemical reaction, nor does it interfere with frac fluid performance.
"We are delighted to confirm that our advanced technology, with significant advantages over other water treatment systems, worked so well in the Eagle Ford Shale Region," said Butch Gothard, IOC's Senior Vice President. "The results speak for themselves. When compared to conventional treatments, our TruClean™ Water Service not only resulted in an improved overall treatment, but delivered to the operator approximately 60 percent in cost savings."
In the oil and gas industry, effective water-management is critical. On average, a shale well requires approximately six million gallons of water to drill and complete, highlighting the need for cost-effective frac water treatment alternatives; alternatives that not only help remove contaminants naturally found in waters, but can also remediate produced waters.
Jeff Hibbeler, President of IOC, said, "This technology serves as one more example of IOC's commitment to our "production view" of stimulation. It's a methodology that promotes an early focus on long-term production through continuous improvement, resulting in cost savings for our clients everywhere."
Patrick S. Williams, President & CEO of Innospec, said, "I'm delighted to see IOC's technology delivering benefits to both the customer and to Innospec. We are very pleased that our latest acquisition is off to a flying start, using innovative and customer service to such great effect."
About Innospec, Inc. and Independence Oilfield Chemicals
Innospec, Inc. is an international specialty chemicals company with approximately 1300 employees in 20 countries. Innospec manufactures and supplies a wide range of specialty chemicals to markets in the Americas, Europe, the Middle East, Africa and Asia-Pacific. The Fuel Specialties business specializes in manufacturing and supplying the fuel additives that help improve fuel efficiency, boost engine performance and reduce harmful emissions. This business also contains Oilfield Specialties which provides specialty chemicals for oil & gas drilling and production operations. Innospec's Performance Chemicals business provides effective technology-based solutions for our customers' processes or products focused in the Personal Care; Polymers; and Fragrance Ingredients markets. Innospec's Octane Additives business is the world's only producer of tetra ethyl lead.
Independence Oilfield Chemicals was founded by a group of globally recognized stimulation, production and cementing experts, and designs, formulates, and manufactures a complete line of completion and production chemicals. Collectively, the management team possesses over 300 years' experience in oilfield chemistry, with many individuals having gained their knowledge and skills from major service companies.
Headquartered in The Woodlands, Texas—which is also home to the company's main Technology Center—Independence Oilfield Chemicals maintains operational facilities adjacent to most major North American oil and gas producing regions. Independence was acquired by Innospec at the end of October 2014.
Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Such forward-looking statements include statements (covered by words like "expects," "estimates," "anticipates," "may," "believes" or similar words or expressions), for example, which relate to earnings, growth potential, operating performance, events or developments that we expect or anticipate will or may occur in the future. Although forward-looking statements are believed by management to be reasonable when made, they are subject to certain risks, uncertainties and assumptions, and our actual performance or results may differ materially from these forward-looking statements. Additional information regarding risks, uncertainties and assumptions relating to Innospec and affecting our business operations and prospects are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2013, and other reports filed with the U.S. Securities and Exchange Commission. You are urged to review our discussion of risks and uncertainties that could cause actual results to differ from forward-looking statements under the heading "Risk Factors" in such reports. Innospec undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.