JMR Services® and A-Plus P&A Close Previously-Announced Merger and Acquire BCM & Associates, Creating the Leading Pure-Play P&A Service Provider in the Nation
May 15 2024 - 9:00AM
Business Wire
JMR Services (“JMR”) today announced the closing of its
previously-announced merger with A-Plus P&A LLC (“A-Plus”) and
subsequently acquired BCM & Associates, Inc. (“BCM”), resulting
in the largest pure-play, full-service plug and abandonment
(“P&A”) service provider in the nation.
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James (Jimmy) Roark, Chairman and CEO of
JMR Services (Photo: Business Wire)
BCM adds 11 working P&A spreads, including fishing and
rental tools, pipe recovery, reclamation, and a blue-chip client
list. With yards in Midland, Texas, and Hobbs, New Mexico, the
acquisition continues expanding upon JMR’s leading footprint in the
Permian, Denver-Julesburg, and San Juan Basins. After the closing
of both transactions, JMR operates a total of 34 full-service, plug
and abandonment packages, with a combined annual revenue run-rate
of approximately $100 million, an enhanced cash flow and
capitalization profile, and capacity for additional growth.
JMR plans to build upon the track records of all three
companies, which boast strong, established reputations within their
respective regions, along with cultures of safety-centric
operations. The combined company is well positioned to offer
customers an unparalleled one-stop-shop for P&A, well site
remediation/reclamation and eventually methane emissions
quantification, reduction, and monetization via “carbon credits.”
As previously disclosed, JMR will also offer well site
decommissioning and reclamation services, via its recent
acquisition of Rattler Services.
“This transaction solidifies JMR’s position as the leading and
most trusted provider of plug and abandonment services in the
country,” said James (Jimmy) Roark, Chief Executive Officer of JMR
and founding principal and Board Member of A-Plus. “It marks a
pivotal moment in the P&A sector, as customers increasingly
value established, safety-focused contractors that ensure improved
service and operational efficiency. With a strong balance sheet and
minimal leverage, we're poised to expand JMR's service line into
new basins, driving our growth initiative forward.
“We have built a strong team here at JMR, with Trey Stolz,
previously CFO at A-Plus, joining us as CFO at JMR and Lee Roark
remaining in his role as COO, and we have assembled the corporate
infrastructure to enable our plan of growth and national expansion
while keeping leverage levels minimal. Finally, we have taken
important steps over the past year to modernize our systems and
processes to state-of-the-art levels, giving us unprecedented
insight into operational trends on a near real-time basis.”
About JMR Services:
Founded in May 2015 and based in Midland, Texas, JMR Services
started as a pure-play well plugging and abandonment provider,
launching its first plugging spread in January 2017. JMR Services
is a leading name in the industry, known for its high-quality
safety culture, service, employees, and equipment, particularly in
the Permian Basin of West Texas and Eastern New Mexico. The
acquisition of Rattler Services in November 2023 expanded JMR's
capabilities to include decommissioning and wellsite reclamation
services.
About A-Plus P&A LLC:
A-Plus, founded in 1992 and based in Farmington, New Mexico, has
established itself as a premiere plug and abandonment service
provider across the San Juan, Denver-Julesburg, and Permian Basins.
Known for its professional, safe, and cost-effective services,
A-Plus offers comprehensive equipment packages for efficient and
economical well plugging. The company prides itself on its
experienced personnel and commitment to safety and regulatory
compliance.
About BCM & Associates, Inc.:
BCM was founded in 1998 and provides plug and abandonment
services in the Permian Basin with yards in Midland, Texas, and
Hobbs, New Mexico. BCM is respected for its quality service and
experienced, efficient workforce, with 100% of its revenue coming
from P&A activities.
Advisors
French Benton, PLLC served as legal advisor to JMR. Smith,
Clark, Pennington PLLC served as legal advisor to A-Plus. Atkins,
Hollmann, Jones, Peacock, Lewis & Lyon, Inc. served as legal
advisor to BCM.
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James (Jimmy) Roark Chief Executive Officer & Founder JMR
Services info@jmrservices.com