Heckmann Acquires Majority Stake in Appalachian Water Services
Stock Chart for Nuverra Environmental Solutions Inc (HEK)
Heckmann Corp. (HEK), which treats and disposes of water generated by energy companies involved in oil and natural gas production, said it acquired a majority stake in Appalachian Water Systems LLC. No terms were given.
The Coraopolis, Pennsylvania-based water-services company said AWS will be an integral part of Heckmann’s fluid management strategy. AWS owns and operates “a state-of-the-art wastewater treatment recycling facility specifically designed to treat and recycle water involved in the hydraulic fracturing” or fracking process in the Marcellus shale area, Heckmann said.
On Sept. 4, Heckmann surged 38 percent, the most since it began trading in 2007, after agreeing to buy Badlands Energy LLC for $381 million to expand services to oil producers that use hydraulic fracturing. In April, the company paid $245 million to buy Thermo Fluids Inc., which recycles used motor oil.
“This addition expands our operations in the southern Marcellus shale area with new environmentally friendly recycling options for our clients that complement our freshwater transfer, water transportation and disposal services,” John T. Lucey Jr., executive vice president for business development and engineering for the environmental services company, said in today’s statement.
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