In June, American Water Works Company Inc (AWK) announced that it signed an agreement to purchase Keystone Clearwater Solutions from Rex Energy for a total value of $130 million. CEO Susan Story says the deal is expected to close in July.
“This is a company with 350 employees. They serve water to the wells that use hydraulic fracturing to release gas and oil in the Marcellus and Utica,” Story says. “They supply the water, they treat the water, and they recycle the water for reuse in these shale wells. They provide sand and other ancillary services.”
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Story says the acquisition means two things. One, she says, is that shale offers the U.S. the opportunity to be the global leader in energy and move toward energy security.
“The second part is we are very environmentally strong, and in partnering with a company that has an excellent environmental and safety reputation, we want to be a solutions provider for the water part of the shale renaissance that’s taking place in this country,” Story says.
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