WM Energy Services Holdings, LLC, an indirect subsidiary of Houston-based Waste Management, Inc., has acquired 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 WM Energy Services Holdings’ 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, in a statement. “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, in a statement. “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.”
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.