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Oilfield services firm Liberty Energy (New York Stock Exchange: LBRT) said Monday it has acquired the Permian Basin-focused integrated natural gas compression and compressed natural gas supply business Siren Energy for $78 million in cash.
Siren brings 16 million cubic feet per day of natural gas compression capacity at two expandable Permian sites, as well as transportation, logistics and pressure relief services.
The company said the acquisition is part of its commercial launch of Liberty Power Innovations, an integrated provider of alternative fuel and power solutions for remote applications, with an initial focus on CNG supply, field gas processing and treatment, and fueling and logistics at the well site.
Liberty Energy (LBRT) reported strong financial results in 2022, with a cash return on invested capital of 31%, and its “competitive advantages position it for strong growth in 2023 and beyond,” writes Ramkumar Raja Chidambaram in an analysis. published in Seeking Alpha.
