MAKING THINGS HAPPEN
With Jim Craemer of "Mad Money"
Flotek Industries
09/2009 – 01/2020
Interim President, President/CEO/Chairman of Board
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After being on the Flotek Board of Directors since 2000, became their interim President in August 2009, during a financial reconstruction of the company. The company had $150million in debt, no available credit with Wells Fargo with $112 million in revenue and on the verge of bankruptcy and a market cap of +/-$40million dollars. The financial restructuring was completed with the bond holders and Wells Fargo receiving full repayment of obligations.
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Flotek grew from a market cap of $40million to $1.4billion from 2010 to 2014 prior to the downturn of 2015 and 2016 in the energy industry.
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Orchestrated several small technology “tuck in” acquisitions from 2010 to 2019 with the key acquisition being Florida Chemical in 2013 for approximately $50million in cash and $50 million in stock. The acquisition paid for itself with positive EBITDA until the sale of the segment in 01/2019 to ADM for $175 million at a 14 times EBITDA forward multiple and a value for more than the market cap of Flotek. .
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The fall of 2017 was the completion and opening of a “first of its kind” research and innovation center of the more than 55,000 square foot facility.
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Recognized ahead of the industry of an evolution of the multi decade business model of being distributor based and created the “Flotek Store” approach of bifurcating the sale of Flotek chemistries with either directly to the E&P operating client or thru the traditional distributor approach. Led the company thru two “short attacks” and thru a period of time when 60% of its “peer” company’s either restructured thru Chapter 11 or ceased to exist.
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Has positioned the company to where now it has zero debt and $100 million dollars in cash as it is capable to weather the latest activity downturn that could extend into mid-2020.
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With NYSE executive on the floor of the New York Stock Exchange
Wellogix
08/2000 – 01/2014
Founder
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Created Enersection (a software company) that merged with Wellbid to form Wellogix with the raising of $40 million in venture capital during the “dotcom” investments era. Wellogix created partnerships with SAP and global consulting firm Accenture as channel partners to facilitate the energy specific software that was designed to facilitate the business interaction believers E&P companies and their service providers. The company signed an $18 million dollar annual software contract with BP in 2006, and then shortly thereafter the software code was stolen by Accenture.
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After six years of litigation against BP and Accenture a federal jury awarded Wellogix $47 million dollars in damages and $50 million in punitive damages against Accenture. After appealing the verdict up to the U. S. Supreme Court, Accenture in 2014 paid Wellogix $47 million dollars plus attorney’s fees and the company ceased operations.
Core Laboratories
01/1996- 04/1998
Senior Vice President Global Sales & Marketing
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Developed and implemented the companies first ever connected global sales and marketing organization. Reshaped and created the logo and messaging of Core Lab to become the Reservoir Optimization Company.
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Created the strategy for the acquisition of Stim Lab and Owens Oil Tools that became in conjunction with ProTechnics the core of the Production Enhancement segment of the company which is the “crown jewel” within the company. At the same time also ran ProTechnics and continued to expand the capabilities globally.
ProTechnics International
06/1985 – 12/1995
Founder, Owner
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Created ProTechnics International as an independent energy service company that injected low level radioactive material in hydraulic fracturing and other completion programs. Expanded the company thru the ten years globally from Canada to Africa to Far East to Mexico with no external financing. Became the industry standard for the service and created the segment in the industry of completion diagnostics. Had over 150+ employee.
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Sold the company to Core Laboratories in December of 1995 for 16x forward EBITDA
Geo International
06/1982- 06/1985
Smith International
04/1979 – 06/1982
Western Company of North America
1977 - 1979
Philadelphia Eagles (Quarterback)
1976
With Eric Dickerson receiving “Great Warrior Award” at
Dickerson Young Warriors Charity Foundation
