Pemex has selected Exterran (NYSE: EXH) to provide gas conditioning, treating and compression services in three natural gas facilities in the state of Veracruz, Mexico.
Under a five-year services agreement signed by the companies, the project will include equipment designed, fabricated and installed by Exterran including systems for dewpoint control, with further processes designed to remove liquids from the natural gas stream to meet Pemex’s specifications. The expected total volume of the three processing plants is more than 650 million standard cubic feet of natural gas per day. The project also will utilize more than 20,000 horsepower of idle compression equipment primarily from Exterran’s North American fleet.
“Exterran was selected because of our track record in Mexico and our ability to provide a total integrated solution while quickly supplying the equipment required,” said Exterran President and CEO Brad Childers. “We are pleased to provide valuable, comprehensive natural gas services to Pemex, including engineering, manufacturing, installation and operation. We look forward to commissioning these facilities in the second quarter of 2012.”
The project, which is Exterran’s largest by capacity in Mexico, builds on the company’s many years of experience providing natural gas compression, oil and gas infrastructure and surface production solutions for clients in the region. Exterran and its predecessor companies have approximately four decades of experience in the design, engineering, fabrication, installation and safe maintenance of gas processing facilities and have completed more than 300 of these facilities worldwide.
All statements in this release (and oral statements made regarding the subjects of this release), other than historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to: expectations related to the project, the facilities’ capabilities and timing. These statements are based upon current expectations and are subject to a number of risks, uncertainties and assumptions, which are more fully described in Exterran's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. These risks, uncertainties and assumptions could cause actual results to differ materially from those described in the forward-looking statements. Exterran assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.