Denver-based Liberty Energy said last week it is acquiring Siren Energy, an integrated natural gas compression and CNG delivery business focused in the Permian Basin, for $78 million and launching a new unit, Liberty Power Innovations, an integrated alternative fuel and power solutions provider for remote operations. Initial focus for LPI will be CNG supply, field gas processing and treating, and wellsite fueling and logistics.
Siren, which has capacity of 16 million cubic feet per day of natural gas compression at two Permian sites, offers transportation, logistics and pressure reduction services. It delivers fuel to customers, including Chevron, in both drilling and completions markets.
Chris Wright, CEO, said April 10, “LPI exemplifies our strategy of investing for the future with high rate-of-return opportunities.” The transaction “accelerates this strategy by unlocking significant value with a faster, go-to-market approach for LPI to bring natural gas fuel to the oilfield, enabling lower well development cost for our E&P customers and higher profitability for our shareholders.” Liberty was founded in 2011 and was “an early driver in the industry shift from diesel to natural gas technologies.”