SAN ANTONIO, Texas--(BUSINESS WIRE)--Mar. 11, 2019--
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190311005223/en/
Source: Waste Management, Inc.
Anne Spitza
480-417-3395
aspitza@wm.com
