MIDLAND, Texas--(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.
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.
