Flotek Confirms Termination of Puerto Rico Power Contract
Flotek Industries (NYSE: FTK) fell by 3.3% in Wednesday trading after announcing that the Puerto Rico Electric Power Authority (PREPA) has terminated its power purchase and operating agreement with the company, effective immediately. The termination notice cited two reasons, though specific details were not provided in the initial disclosure. The contract had been a key part of Flotek's operations in Puerto Rico, where it was involved in energy production and services. This development raises concerns about potential financial impacts on the company’s revenue streams from that region. Investors are likely evaluating how this termination could affect future earnings and operational stability for Flotek.
Tickers: $FTK
Topics: energy legal_dispute stock_movement