Waste Management Energy Services Acquires Petro Waste Environmental from Tailwater Capital to Expand Service to the Oil & Gas...
11 March 2019 - 11:00PM
Business Wire
WM Energy Services Holdings, LLC, an indirect subsidiary of
Houston-based Waste Management, Inc. (NYSE: WM), today announced
the acquisition from Tailwater Capital of Petro Waste
Environmental, a leading provider of comprehensive oilfield
environmental services and solid waste disposal serving the Permian
Basin and Eagle Ford Shale Play, the most economically active oil
and gas producing regions in the U.S.
With its oilfield solid waste disposal solutions, waste-handling
capabilities and conveniently located disposal sites catering to
the oil and gas industry, the addition of Petro Waste Environmental
to Waste Management Energy Services portfolio greatly enhances the
company’s offerings. Waste Management now has a strong presence in
the Permian Basin with multiple disposal sites in West Texas and an
expanding footprint in the Eagle Ford Shale Play with one disposal
facility currently under construction and a second permitted in
south Texas.
“This acquisition expands Waste Management Energy Services’
business to provide superior and differentiated solid waste
disposal services to oil and gas producing customers operating in
Texas,” said Scott Bradley, Four Corners Area Vice President for
Waste Management. “By leveraging Petro Waste’s extensive footprint
and scale, core competencies, state-of-the-art disposal facilities
and robust customer base, we expect to generate momentum for
significant and sustainable business growth.”
“We are very proud of the platform we’ve built and appreciate
the hard work from our dedicated team members,” said George
Wommack, CEO of Petro Waste Environmental. “We are excited to
be selling to the best company in the industry and couldn’t be
happier our employees will have the opportunity to advance their
careers with Waste Management.”
“Waste Management welcomes the Petro Waste employees to our
family and will continue to deliver safe, reliable services to the
energy industry,” said Bradley.
Barclays acted as financial advisor and Thompson and Knight LLP
provided legal counsel to Petro Waste on the transaction. Tudor,
Pickering, Holt & Co. acted as financial advisor and Stinson
Leonard Street provided legal counsel to Waste Management.
About Waste Management
Waste Management, based in Houston, Texas, is the leading
provider of comprehensive waste management environmental services
in North America. Through its subsidiaries, the Company provides
collection, transfer, disposal services, and recycling and resource
recovery. It is also a leading developer, operator and owner of
landfill gas-to-energy facilities in the United States. The
Company’s customers include residential, commercial, industrial,
and municipal customers throughout North America. To learn more
information about Waste Management, visit www.wm.com or
www.thinkgreen.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190311005223/en/
Anne Spitza480-417-3395aspitza@wm.com
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