Riata Capital Group Sells Extract Companies to NOV

January 30, 2024

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Riata Capital Group Sells Extract Companies to NOV

Dallas, TX – January 30, 2024 – Riata Capital Group (“Riata” or “RCG”) today announced it has sold Extract Companies, LLC (“Extract” or the “Company”), a fully-integrated provider of artificial lift systems and related parts and services to North American energy producers, to NOV (NYSE: NOV), a provider of technology-driven solutions to empower the global energy industry. Terms of the sale were not disclosed.

Since its inception in late 2017, under Riata’s ownership, Extract grew from less than $10 million of revenue serving smaller independent energy producers in the Mid-Continent region from two facilities in Tulsa, OK to approximately$250 million in revenues serving all the major and larger independent producers in the U.S. in the Permian, Mid-Continent, and Bakken regions from nine facilities.  In addition to providing best-in-class service and operating results for its customers, Extract leverages patented, proprietary technologies in its electrical submersible pump (ESP) service offerings that are differentiated in the market and continue to support continued market share gains within the Artificial Lift market.

“It was a pleasure to work once again with Extract CEO Brad Goebel and his outstanding team of operators to grow the Company into a market leader in the artificial lift category,” said Barron Fletcher, Managing Partner at Riata. “We are proud of the management team’s exceptional execution and pleased to facilitate the sale of Extract to NOV, an energy technology leader that recognizes Extract’s success, the value of its products, and the Extract team’s experience, knowledge, relationships, and capabilities. This investment was a resounding success, and we are very pleased with the outcome for Riata and our investors.”

“We appreciate our strong partnership with the Riata team, with whom we built our prior platform, Accelerated Production, which was purchased by Dover,” said Brad Goebel, Chairman and CEO of Extract.  “We are proud to have built the leading technology-enabled provider of ESP systems, equipment and services in the U.S. Artificial Lift market and to have found the right home for Extract for its next phase of growth.”

“We are entering an exciting period for Extract, as NOV is positioned to provide a platform for continued excellence in customer service,”said Matt Gipson, Senior Vice-President of Extract, an NOV company. “Extract’s reputation for market-leading customer service and focus on maximizing run-time of electric submersible pumps has established the company as a key partner for operators looking to maximize the economic returns of their assets.”

About Riata Capital Group 

RCG is a leading Dallas-based private equity investment firm that partners with seasoned management teams to invest in growing, profitable, privately held companies with a focus on three industry sectors: business services, consumer, and healthcare services. Riata takes a selective approach to investing in high-potential businesses whose owners and management teams want an investment partner with the capital, experience, and record of successful collaboration required to achieve their liquidity and value-creation objectives. Over the course of their careers, the principals of RCG have deployed over $2 billion of capital into more than 45 platforms and 200 add-on acquisitions totaling over $7 billion in transaction value. The Firm targets equity investments of $25-150 million in companies with $5-30 million of EBITDA. With significant investment experience, a balanced team with financial and operating expertise, a strong team of seasoned operating partners, and significant experience in the firm’s targeted sectors, Riata provides a compelling value proposition to business owners and entrepreneurs. For more information, please visit www.riatacapital.com.

About Extract Companies

Extract is a leading provider of artificial lift products and services for producers in the Permian Basin, Mid-Con, and Bakken regions. The Company designs, manufactures, installs and services a full suite of electric submersible pump ("ESP") products, ultra-high speed permanent magnetic motor ESPs and surface pump systems. Headquartered in Tulsa, Oklahoma, Extract began operations in 2017 and currently services its customers out of nine facilities in Oklahoma, Texas, Colorado, and North Dakota.

About NOV

NOV (NYSE:NOV) is a leading independent equipment and technology provider with an extensive proprietary technology portfolio supporting the global oil and gas industry’s full-field drilling, completion, and production needs. NOV serves major-diversified, national, and independent service companies, contractors, and energy producers in 62 countries, operating under three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies. NOV is headquartered in Houston, Texas.

Media Contact:

Jeremy Milner

BackBay Communications

(401) 862-9422