Acquisitions help Peak Completions diversify its completion technology
Oil Editor, Midland Reporter-Telegram
"I moved here from Canada at the request of different oil companies with different projects," said Ray Hofman, President and Chief Executive Officer of Peak Completion Technologies, Inc.
Finding his way to Midland, he founded Peak in December 2003, specializing in multi-lateral completion technologies, including open hole multi-stage completion systems and cased hole multi-stage completion systems. "We're a full-service completion company, from remedial well bore repair to high-end multi-stage fracturing of horizontal wells."
With the recent acquisition of Summit Downhole of Houston, the company has expanded its services to offer engineering solutions by expanding its inhouse engineering group. "Oil companies can come to us with specialized applications," he said. "We'll design the tools and enhance the programs around their needs or we'll design the make-up of the frac itself," Hofman said.
While Peak has diversified by adding tools and expanded engineering, Hofman doesn't see the company diversifying further.
"To diversify is to step out of your expertise," he said. "We have new technology on the horizon to expand what we're doing in completions."
"One tool in developing that technology is Peak's field crews," said Kerry Hatley, Vice President of Operations. "We listen to our hands," he said. "If a customer tells one of our hands of a wish he has that could contribute to the equipment, we'll listen."
The growth is part of a strategy Hofman said he and Hatley implemented in 2006 to expand the company, which is headquartered in Midland with offices in Snyder, Brownfield, Perryton, San Antonio, Tyler, Plano and Houston and in Oklahoma City and Woodward, Okla. and Buckhannon, West Va. Having started with six employees, the company now employs about 200. The company is experiencing a strong 2010 and expects another strong financial performance next year.
"We're a growing presence in the Permian Basin and expanding into other regions," Hofman said.
There has been an increase in demand for Peak's completion services locally and Hatley said work has also been growing in "South Texas with the Eagle Ford, East Texas with the Haynesville and West Virginia is starting to explode."
Peak has an international presence, with Hofman saying the company has worked in Canada, Mexico, China, the Middle East, Africa, Indonesia, South America and Russia.
The two men said Peak's focus is on making oil and gas projects efficient and economic. There are a lot of old wells in the Permian Basin, Hofman observed, that might not be economical at low oil prices. But, he added, companies like XTO and Cimarex have revitalized old fields through Peak's technology.
Peak personnel will supervise the completion process and oversee the installation of packers, he added.
It is the people in the field doing the work that get the credit for the company's success, Hofman and Hatley agree.
"We have quality equipment backed by quality people," Hofman said. "Without the people we wouldn't be where we are today."
Even with the best equipment, added Hatley, "if you don't have the people to back (the equipment) up, you're washed up."
Their people, they said, is why safety is an essential part of the way Peak does business, because they want their employees and the environment to be safe.
"Our people are not expendable," said Hofman. "We know that working for this company is a commitment, so we make the same commitment to them."
(Published in the Midland Reporter-Telegram Sunday October 31, 2010)