Flotek establishes fund for Hurricane Harvey disaster relief

Flotek Industries Inc. (NYSE: FTK) has established a $150,000 fund through its foundation for victims Hurricane Harvey, partially funded by company employees. These funds will go towards providing assistance to local communities and individuals to help rebuild. Although the company’s infrastructure sustained minimal-to-no damage, some of the company's employees were impacted. Approximately 10% of Flotek’s Texas-based labor force was directly impacted by the storm and subsequent flooding.

Flotek shifted manufacturing from the Waller, Texas facility to the Marlow, Oklahoma facility ahead of hurricane landfall. E&P operators continue to assess possible damages; meanwhile other isolated disruptions in the industry supply chain have been reported given the vast area of flooding and regional logistical bottlenecks. There have been isolated field level reports of delivery delays of certain products which include but are not limited to diesel and other consumables to locations. Some suppliers have also expressed shipping challenges into the Houston region.

In addition, as Hurricane Irma approaches the southeast region of the US, Flotek is preparing its Florida Chemical subsidiary (which is located in Winter Haven, Florida), for the storm.

John Chisholm, Flotek's chairman, president and CEO commented, "The magnitude of the damage associated with Harvey in the region is tremendous. There have been thousands of displaced friends, family and clients of Flotek, and we believe it's our duty to continue to make a difference in our local communities by aiding in the disaster relief initiatives. Our employees are eager to help rebuild their communities as their desire for financial contribution speaks volumes to the people at our organization. We are in the process of assessing what the impact to our outlook, if any, will be during the third quarter due to potential disruptions and costs associated with our preparation for both storms."

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