Is Waste Management turning into an energy services company?

David Steiner, the CEO of Waste Management, is taking the company in a more energy-intensive direction.?

Waste Management Inc. (NYSE: WM), the Houston-based waste services company, may be thinking more like an energy services company: one that's bullish on the Bakken Shale play in North Dakota.

On Thursday, Waste Management said it has acquired two energy services companies in the North Dakota area: Summit Energy Services and Liquid Logistics.

?Our plan is to collaborate with our customers to become the most capable and comprehensive oilfield services provider in the Bakken Shale,? Harry Lamberton, vice president of energy and environmental services for Waste Management, said in a statement.

The companies provide services that represent a new business area for Waste Management ? Summit Energy Services provides oil and gas construction services and Liquid Logistics sells, rents and services frac storage pools that oil and gas companies use to complete their wells. Combined, the two companies will bring 140 new employees into Waste Management.

?While we work with oil and gas customers around the country, these acquisitions give us access to an element we haven?t previously served,? Lamberton said. ?They also add expertise that we will use in the other North American regions where we provide environmental services to oil and gas customers.?

Lamberton said Waste Management plans to add other energy-intensive services, such rig maintenance and tank cleaning, drill cuttings solidification and disposal.

Waste Management did not disclose the terms of the deal. However, Waste Management said it acquired the two companies from the same private owner.

Molly Ryan covers manufacturing, technology, the Port and logistics for the Houston Business Journal. For her breaking stories and industry insights, follow her on Twitter.

Source: http://feedproxy.google.com/~r/vertical_30/~3/D16v9q21-wE/is-waste-management-turning-into-an.html

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