This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Air Products' Planned West Texas Facility Strengthens Oilfield Services Position

Stocks in this article: APD

LEHIGH VALLEY, Pa., Oct. 8, 2013 /PRNewswire/ -- Air Products (NYSE: APD) announced today plans to build, own and operate a new liquid nitrogen production facility in West Texas to serve the oil and gas industry in the Permian Basin. The new facility, to have an approximate 250 ton per day capacity, will strengthen Air Products' existing leadership position in supplying the region's oilfield services market. The Midland- Odessa located plant is to be onstream in 2015.

Beyond the core focus on the Permian Basin area, the new facility will expand Air Products' existing nitrogen production and distribution network in Texas, New Mexico, Oklahoma and Kansas. This translates into increased customer supply reliability through Air Products' extensive network of production plants, truck fleet, portable storage, and product staging areas to meet the dynamic needs of the oilfield services market.

"The decision to build this facility will expand our nitrogen supply position for the fast-growing oilfield services market. The plant will assist in meeting increased liquid nitrogen demand for coiled tubing, fracturing and other oilfield applications, as well as enhance our responsiveness level to customers for field deliveries and services," said Nelson Squires, vice president and general manager - North America Merchant Gases at Air Products.  "The location of this new merchant facility demonstrates our commitment to the oilfield services industry in the Permian Basin and the Mid-Continent region."

Squires noted that Air Products has established several additional support and product offerings for the oilfield services industry including:

  • designing plants for continuous operations and 24/7 customer product pick-up;
  • creating a team of oilfield customer service representatives who work in tandem with a team of logistics specialists for the region to provide oilfield services customers 24/7 coverage;
  • establishing permanent product staging areas close to field locations, and an increasing fleet of mobile storage vessels to locate product directly in the field and close to the wellhead;
  • increasing a truck fleet designed for off-road conditions with sleeper cabs for driver layovers; and
  • retrofitting product trailers with a state-of-the-art electronic pressure limiting system to reduce the risk of overpressure conditions while delivering to low pressure oilfield services vessels.

The new Midland- Odessa facility will be an FDA certified plant and supply nitrogen to other local industries such as food and metals processing. Air Products also has established Texas operations in Midlothian and Houston, which produce liquid products for other markets including food, chemicals, metal processing, electronics and medical applications.

In late 2012, Air Products dedicated a similar liquid nitrogen production facility in Mooreland, Oklahoma. The Mooreland facility primarily serves the Woodward, Oklahoma and surrounding oil and gas producing areas in the state, Kansas, and Texas.

Air Products has supplied nitrogen and oxygen for upstream oil and gas production and processing for more than 40 years utilizing a variety of supply modes along with the most comprehensive package of value-added technologies, services and equipment available. For more information on Air Products' work in the oilfield services industry go to: www.airproducts.com/oilfields.

About Air Products Air Products (NYSE:APD) provides atmospheric, process and specialty gases; performance materials; equipment; and technology. For over 70 years, the company has enabled customers to become more productive, energy efficient and sustainable. More than 20,000 employees in over 50 countries supply innovative solutions to the energy, environment and emerging markets. These include semiconductor materials, refinery hydrogen, coal gasification, natural gas liquefaction, and advanced coatings and adhesives. In fiscal 2012, Air Products had sales approaching $10 billion. For more information, visit www.airproducts.com.

NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company's Form 10K for its fiscal year ended September 30, 2012.

SOURCE Air Products

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,195.42 +221.11 1.30%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,566.1380 +16.9120 0.37%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs