Dive Summary:
- Waste Management is expanding into the energy sector as the fracking boom gains momentum in many parts of the country, including North Dakota, West Virginia and Pennsylvania.
- The waste services company recently acquired two fracking waste disposal companies in North Dakota, Summit Energy Services and Liquid Logistics, located in the Bakken Shale formation; Waste Management also has started to offer rig maintenance and tank cleaning to fulfill the needs of this new client-base.
- In a 2012 annual report released by Waste Management, it was stated that oil field waste removal is a growth industry, aligning with analyst estimates from the WasteExpo in May which identify fracking waste removal services as a $30 billion a year industry.
From the article:
In Q2, the company reported a 4% yearly rise in revenue from the collection of industrial waste to $558 million.
"While we work with oil and gas customers around the country, these acquisitions give us access to an element we haven't previously served," said Harry Lamberton, vice president of energy and environmental services for Waste Management, in a statement.
