American Water to Buy Keystone Clearwater Solutions
Published on by Water Network Research, Official research team of The Water Network in Business
American Water Works Company has agreed to acquire Keystone Clearwater Solutions from Rex Energy for about $130m
Keystone is a service provider of a variety of water treatment services to the oil and gas industry in Pennsylvania, Ohio and West Virginia.
Commenting on the acquisition, Susan Story, president and chief executive of American Water said: “ Keystone Clearwater Solutions provides turn-key water solutions to the shale gas industry in a safe and environmentally responsible manner .
“ We are excited because Keystone’s offerings are in line with American Water’s core competencies – supplying, transmitting, pumping and storing water and building the infrastructure required to do so .”
Story added, “ Coupled with our existing activity in shale, the Keystone acquisition will enhance our ability to provide additional water services solutions to shale development companies .”
The deal is expected to conclude by July of this year and following the completion, Keystone will operate as a separate, independent subsidiary with American Water.
Ned Wehler, founder and chief executive officer of Keystone said: “ We are excited about this acquisition by American Water .
“American Water’s commitment to its customers, safety, the development of its employees and environmental protection is consistent with Keystone’s philosophy.”
American water currently supplies water for a multitude of oil and gas companies in Pennsylvania as it supplies just under 10% of all source water used in the state’s gas well hydraulic fracturing programme.
Source: Shale Energy
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