September, 2016
GTUIT®, LLC announced that Hess Corporation recognized the three year natural gas liquid (NGL) extraction partnership between the two firms. The recognition came in Hess Corporation 2015 Corporate Sustainability Report. Hess and GTUIT have been working together since 2013 with GTUIT designing, manufacturing and operating well site gas capture and NGL extraction equipment at Hess operations in North Dakota.
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August, 2016
GTUIT®, LLC announced today that the firm earned the 203rd position on Inc. magazine’s 2016 Inc. 500 list of fastest–growing private American companies.
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July, 2016
GTUIT®, LLC announced today that Dean Cervenka has joined the firm as Vice President of Sales. Dean brings decades of sales experience in the oil and gas equipment industry. Most recently Dean was Caterpillar Oil & Gas Business Manager implementing Caterpillar’s development of their OEM business for well service and gas compression. Dean has extensive international experience having served as Americas Regional Sales Manager for Caterpillar Oil & Gas and Project Manager in Singapore.
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June, 2016
GTUIT®, LLC announced today that the firm has signed a financing agreement with Alaska Growth Capital. The ten year agreement allows GTUIT to increase its financial flexibility and invest in growing its business of creating value from stranded natural gas resources.
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May, 2016
Caterpillar Oil & Gas is pleased to announce that Caterpillar has signed a worldwide marketing agreement with GTUIT®, a manufacturer of field natural gas treatment systems. Caterpillar will assist GTUIT with entering into marketing agreements with targeted Caterpillar Dealers worldwide to sell, market and service GTUIT products.
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April, 2016
GTUIT recently added five additional languages to its website to cover the firm’s ever expanding market. The languages include Arabic, French, Russian, Spanish and Chinese.
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March, 2016
GTUIT®, LLC announced a worldwide supply agreement with Eco-Tec, Pickering, Ontario, Canada ( www.Eco-Tec.com ) for GTUIT to distribute Eco-Tec hydrogen sulphide (H2S) gas treatment equipment into the worldwide upstream oil and gas production market. The multi-year agreement provides access of Eco-Tec equipment to the oil and gas market and allows GTUIT to expand its line of proven well site gas conditioning equipment. The GTUIT line of Eco-Tec equipment will be branded GPUR for the oil and gas industry.
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February, 2016
GTUIT®, LLC announced today raising additional financing from the continued support of its investors through exercise of options. As part of a preferred round of financing, investors received options to purchase additional units of the same class for a one year term. The one year term expired in December of 2015 with a majority portion of the options being exercised.
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October, 2015
By capturing, using and selling flare gas that otherwise would be released into the environment, Hess Corporation is reinforcing its commitment to sustainable operations—and the World Bank is taking notice.
In September, in Khanty-Mansiysk, Russia, Caterpillar Oil & Gas accepted an award of excellence from the World Bank Global Gas Flaring Reduction Partnership (GGFR) on behalf of Hess and GTUIT, a manufacturer of mobile gas treatment systems in which Caterpillar is a minority shareholder. Hess is using 15 of GTUIT’s mobile gas capture and natural gas extraction units at well sites in North Dakota’s Bakken oilfield.
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October, 2015
Crude oil producers in the Bakken region responded to the oil price collapse with drilling cutbacks and a laser-like focus on sweet-spot areas with high initial production rates. It turns out those oil sweet spots also produce a lot of associated natural gas. But there’s not enough infrastructure in place to deal with the extra gas, and that’s slowing North Dakota’s efforts to reduce flaring (burning gas that can’t be utilized for various reasons). Today, we consider the multiple, domino-like effects that low oil prices are having on one of the U.S.’s most important tight oil plays.
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