Oil & Gas Services
Torch provides oil & gas services to the energy industry through two wholly-owned subsidiaries: Permian Basin Well Services, LP (PBWS) and Torch Energy Services, Inc (TES).
Torch Energy Services
Torch Energy Advisors, Inc. (TEAI) maintains interests in a variety of oil and gas producing properties, natural gas pipelines and hydrocarbon treating and processing facilities. Torch Energy Services (TES), a wholly-owned subsidiary of TEAI, manages the day to day operations of these assets, provides financial and regulatory reporting services and oversees the strategic and business planning associated with oil and gas assets. TES currently services TEAI and its affiliates and partners, the Torch Royalty Trust and unaffiliated third parties.
Operations managed by TES staff include the planning, evaluation and execution of oil and gas exploitation and exploration strategies as well as the technical and on-site management of natural gas gathering, treating and processing operations. TES manages projects from the earliest stages through depletion. On staff industry experts include multi-disciplined engineers, field supervisors and lease and pipeline operators. These seasoned professionals conduct drilling activities, workover operations, and production and pipeline operations. In addition, TES professionals continually work to identify re-completion and enhancement opportunities in the portfolio of properties under management. At present, TES manages operations for over 450 producing oil and gas wells and fifty-seven gas gathering systems in Texas, New Mexico, Louisiana and Mississippi.
TES additionally provides the oil and gas accounting, financial reporting and tax planning services required to successfully manage oil and gas assets. TES utilizes the services of Petroleum Financial, Inc. (PFI) to provide basic land administration, oil and gas accounting and regulatory reporting information. Seasoned TES accounting and finance staff supplement and enhance the services provided by PFI to provide financial accounting and tax oversight and work with operations staff to provide accurate, timely and comprehensive financial reports for owners, partners and financial institutions.
TES seeks to grow its portfolio of assets under management both through TEAI’s growth and by providing services to third parties.
Permian Basin Well Services
PBWS concentrates its activities in the western region of the Permian Basin. The company is headquartered in Andrews, Texas. The company’s fleet includes five well service workover rigs, two reverse units and associated fishing tools and support equipment. PBWS completely re-fabricated all rigs and reverse units in 2005 and 2006; the units operate at the highest levels of efficiency.