Lufkin Industries Inc. reports it has bought the operating assets of Petro Hydraulic Lift Systems LLC, and certain related companies. The value of the acquisition has not been released. The Louisiana company designs, manufactures, and leases hydraulic rod pumping units for oil and gas wells.
Texas-based Lufkin Industries has ferrous foundry operations and also manufactures oilfield pumps, gas and plunger lift products, and power transmission products.
"We believe the acquisition of PHL will be a solid strategic fit with our industry-leading artificial lift product portfolio and we look forward to working with their management team and employees," stated John F. Glick, Lufkin president and CEO.
Glick said the purchase is consistent with Lufkin’s long-term strategy of integrating strategic assets that enhance its position of the oilfield products sector.
“The PHL hydraulic rod pumping system is a very attractive option both for producing low-volume oil wells and for dewatering low-pressure gas wells. This technology can help extend the life of mature oil and gas wells that traditionally would have been plugged due to well economics. We anticipate this will result in a very complementary transaction," Glick said.