MG Cleaners is a profitable, growth-oriented oilfield services Company focused on selling products including proprietary soaps, surfactants, and degreasers to drilling rig contractors throughout Texas and the U.S. We also sell equipment, related parts for rigs, and have service crews to perform work on rigs.
MG Cleaners was organized as a Texas limited liability company in 2005. Stephen Christian, President, acquired the Company in 2010.
Mr. Christian was a former Rig Supervisor for Nabors Drilling from 2004 to 2010. Nabors Industries (NYSE: NBR) owns and operates the nation’s largest land-based drilling rig fleet. Nabors is a important customer of MG through its master service agreement.
MG Cleaners offers branded products which are proprietary formulations, such as Miracle Blue™, a heavy duty degreaser utilized in oilfield applications.
The Baker Hughes Rig Count peaked in the last industry cycle at 1931 rigs in North American which occurred in September 2014. The Rig Count hit a low in May 2016 at 449. At present, the Rig Count as measured by BHI stands at 1091, an increase of 142% from May 2016 lows, indicating, in management’s view, the beginning of a new up-cycle. Because of favorable economics, approximately 50% of the rigs operating in the domestic United States are concentrated in Texas which allows efficient distribution for the Company.
Reference customers include Patterson-UTI, Nabors, GEP, Cactus Drilling, Pioneer, H&P, Big E Drilling, Nabors, Chevron, XTO, Chesapeake, Total Supply and Distribution Now (DNOW).