MRC Global To Acquire Assets Of Chaparral Supply, A Subsidiary Of SandRidge Energy
HOUSTON, June 5, 2012 /PRNewswire/ -- MRC Global Inc. (NYSE: MRC) today announced that it has signed an agreement to acquire the majority of the operating assets of Cherokee, Oklahoma based Chaparral Supply, LLC, a wholly owned subsidiary of SandRidge Energy, Inc (SD). Chaparral Supply provides pipe, valve and fitting (PVF) products and oilfield supplies to its parent organization, SandRidge Energy. MRC plans to merge Chaparral's employees and certain inventories and other assets with the Company's existing Alva, Oklahoma service location. The acquisition is subject to customary closing conditions and is expected to be completed in June 2012.
Additionally, as part of the acquisition, MRC and SandRidge Energy have agreed to enter into a supply agreement whereby MRC will serve as the primary pipe, valve and fitting (PVF) product and oilfield supply distributor to SandRidge's operations in Oklahoma and Kansas.
"We are very pleased with the confidence that SandRidge Energy has shown in MRC," stated MRC COO North America James Underhill. "We look forward to providing value to their operations through our global purchasing strength, efficient processes and local service capabilities in the rapidly growing and strategically important Mississippian Lime formation."
About MRC Global Inc.
Headquartered in Houston, Texas, MRC, a Fortune 500 company, is the largest global distributor of pipe, valve, and fittings (PVF) and related products and services to the energy industry, based on sales, and supplies these products and services across each of the upstream, midstream and downstream sectors. More information about MRC can be found at www.mrcpvf.com.
Will James, Vice President
Corporate Development & Investor Relations
Ken Dennard, Managing Partner
Dennard Rupp Gray & Lascar, LLC
SOURCE MRC Global Inc.