FLOTEK PROVIDES UPDATE ON PROPOSED AMENDMENTS TO EPA FLARE MONITORING REGULATIONS
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HOUSTON, Dec. 30, 2024 ~ Houston, Texas - Flotek Industries, Inc. (NYSE: FTK) has recently provided an update on the flare monitoring regulations issued by the Environmental Protection Agency (EPA). The company, a leading chemistry and data technology provider for the energy industry, announced that the proposed amendments to the New Source Performance Standards and Emission Guidelines for Existing Sources for the Crude Oil and Natural Gas Source Category ("OOOOb") rules will not significantly impact their outlook on potential market opportunities.

The EPA issued these proposed amendments on December 20, 2024, in response to industry concerns regarding the complexity of testing for Net Heating Value (NHV) of flares to minimize methane emissions. While the amendments do make some technical changes and expand exemptions for new testing requirements, they also limit the number of flares that were previously exempt from compliance testing. The proposed amendments are open for public comment for 45 days after publication in the Federal Register.

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Flotek's Chief Executive Officer, Ryan Ezell, stated that while they believe these regulations will allow the industry to move forward with confidence in compliance testing, companies are still facing challenges due to limited technical resources and staffing. However, Flotek is well-positioned to help resolve these issues with their state-of-the-art optical instrument, JP3 VeraCal flare monitoring analyzer.

In July 2024, Flotek received notification from the EPA that their JP3 system had been designated as an approved measurement technology for initial flare regulations. This was a significant achievement as it was the first alternative method approved under these regulations. Since then, Flotek's Data Analytics segment has been providing flare monitoring services to customers using their proprietary JP3 VeraCal analyzer.

The company's investment in a fleet of analytical assets has helped alleviate resource restrictions within the industry while simplifying compliance. As a result, third-quarter revenues from their Data Analytics segment increased by 30% compared to the previous quarter, with new flare monitoring services being a contributing factor.

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Ezell expressed confidence in Flotek's ability to offer superior and approved technology to monitor flares and reduce emissions. He also expects significant growth in their Data Analytics segment in 2025, leveraging off their "VeraCal analyzer" to help customers comply with the updated regulations.

Flotek Industries, Inc. has a global presence in over 59 countries and an impressive intellectual property portfolio of over 170 patents. They have established collaborative partnerships focused on sustainable and optimized chemistry and data solutions to reduce the environmental impact of energy production on land, air, water, and people.

The company's common shares are traded on the New York Stock Exchange under the ticker symbol "FTK." For more information about Flotek Industries, Inc., please visit their website at www.flotekind.com.
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