Flotek Industries’ ‘FracMax fracas’ we reported on back in 2015 is over. The authoritative Law360 reports that a Texas federal judge has thrown out the investor suit against Flotek, finding that ‘statements about the accuracy of an app the company used to promote its drilling fluids supported only a slight inference of corporate wrongdoing.’ District Judge Alfred H. Bennett agreed saying the shareholder allegations amounted to ‘negligence at the worst.’
Subsequently, Flotek has announced a global agreement with IBM to develop a ‘cognitive reservoir performance system’ for oil and gas. The new system will use IBM’s Watson Explorer technology (as deployed by Woodside) to analyze Flotek’s proprietary oilfield chemistry research, client-contributed data and publicly reported sources from completion and production to ‘reveal insights and identify new approaches to enhance well performance.’
The new service, Flotek’s Reservoir cognitive consultant (RC2), will use machine learning to search and analyze ‘troves’ of historical and experiential data from client wells in real-time to discover critical trends and insights. Flotek CEO John Chisholm said, ‘RC2 will identify specific challenges facing our clients through prescriptive chemistry technology designed to deliver measurable, transformative results.’ More from Flotek.
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