The drilling fluids industry in the United States plays a vital role in oil and gas exploration and production. Drilling fluids, also known as mud systems, are essential for maintaining pressure, cooling drill bits, and carrying rock cuttings to the surface. Companies in this space range from specialized fluid suppliers, equipment manufacturers, to service providers focused on enhancing drilling efficiency and safety. The industry is shifting towards more eco-friendly solutions and advanced technologies that reduce environmental impact and improve performance. As energy demands grow, innovation in drilling fluids will be a key driver for future industry expansion.


This article highlights 19 notable investors in the drilling fluids industry, spanning private equity firms and corporate entities. The majority are headquartered in Houston, Texas, indicate robust investment activity, and have participated in varying deal counts in 2024. Ranging from established firms like Dover Corporation to investment powers like KKR, these entities, founded from 1952 to 2023, reflect a strong commitment to the energy sector. Their sizes vary, employing from small teams to thousands, reflecting the scope and resources available for driving advancements in drilling technologies.


Top 19 Drilling Fluids Investors in the US


1. Chevron

  • Website: chevron.com
  • Type: Corporate
  • Headquarters: Houston, Texas, United States (USA)
  • Founded year: 1999
  • Headcount: 10001+
  • Number of deals in 2024: 16
  • LinkedIn: chevron

Chevron Corporation is an energy company based in Houston, Texas, specializing in oil and natural gas exploration, production, and distribution. Founded in 1999, Chevron operates globally and is committed to sustainable practices to meet the world's energy demands. The company has been involved in various significant transactions, including the acquisition of Hess Corporation for $53 million, which enhances its positions in key oil-producing regions. Additionally, Chevron's acquisition of PDC Energy for $7.6 billion further solidifies its commitment to expanding its operational capabilities in the oil sector. Chevron has also invested in oil services companies like Ziebel AS, which indicates an interest in technologies that may relate to drilling fluids. Overall, Chevron's diverse investments and acquisitions reflect its strategic focus on the energy sector, including aspects related to drilling fluids.


2. Kkr

  • Website: kkr.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1976
  • Headcount: 1001-5000
  • Number of deals in 2024: 74
  • LinkedIn: kkr

KKR & Co. Inc. is a prominent investment firm based in New York, specializing in private equity, credit, infrastructure, and real estate. Founded in 1976, KKR provides asset management solutions to institutional investors and individual clients, helping them navigate complex investment landscapes and achieve strong financial returns. The firm operates globally, leveraging its extensive expertise and resources to support its clients' investment needs. Notably, KKR has made significant investments in the energy sector, including a commitment of C$250 million to Westbrick Energy, reflecting confidence in the management team and the potential for growth in the energy market. Additionally, KKR's past involvement with Quicksilver Resources further underscores its engagement in the energy space, which is closely related to drilling fluids. These transactions highlight KKR's strategic interest in sectors that may intersect with drilling fluids, making them a noteworthy player in the broader energy investment landscape.


3. SCF Partners

  • Website: scfpartners.com
  • Type: Private Equity
  • Headquarters: Houston, Texas, United States (USA)
  • Founded year: 1989
  • Headcount: 11-50
  • Number of deals in 2024: 4
  • LinkedIn: scf-partners

SCF Partners is a private equity investment firm based in Houston, Texas, specializing in the energy sector. Founded in 1989, the firm focuses on providing capital and strategic support to entrepreneurs and management teams to help them build companies that deliver energy services, products, and technology. SCF Partners has a strong emphasis on driving innovation and transformation within the energy industry. Notably, they have made significant investments in the drilling fluids sector, including the acquisition of Newpark Fluid Systems, which is recognized for its oil & gas and geothermal fluids solutions, aimed at improving customer performance in drilling and completions. Other relevant transactions include the acquisition of Nine Energy Service and Variperm (Canada), showcasing their ongoing commitment to the energy sector and its associated services.


4. Dover Corporation

  • Website: dovercorporation.com
  • Type: Corporate
  • Headquarters: Downers Grove, Illinois, United States (USA)
  • Founded year: 1955
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: dovercorp

Dover Corporation is an industrial manufacturer and solutions provider based in Downers Grove, Illinois, founded in 1955. With a workforce exceeding 10,000 employees, Dover delivers innovative equipment, components, and digital solutions across various sectors, including engineered products, clean energy, and sustainability technologies. The company has made several strategic acquisitions to bolster its presence in the oil and gas industry, particularly through its Energy Products Group within the Dover Resources subsidiary. Key transactions include the acquisition of US Synthetic Corp. in 2004, which supplies essential components for oil and gas exploration, and The WellMark Company in 2014, known for its valves and chemical injection pumps used in the oil and gas sector. These acquisitions reflect Dover's commitment to enhancing its capabilities in drilling fluids and related technologies, making it a relevant player in this industry.


5. IFC - International Finance Corporation

  • Website: ifc.org
  • Type: Venture Capital
  • Headquarters: Washington, D.C., District Of Columbia, United States (USA)
  • Founded year: 1956
  • Headcount: 1001-5000
  • Number of deals in 2024: 107
  • LinkedIn: ifclinkedin

The International Finance Corporation (IFC) is a not-for-profit organization established in 1956, headquartered in Washington, D.C. It is dedicated to private sector development in emerging markets, providing investment, advisory, and asset management services to businesses and financial institutions. IFC aims to foster economic growth and address poverty challenges by facilitating access to capital and expertise. Notably, IFC has engaged in several transactions relevant to the energy sector, including a $60 million equity investment in Delonex Energy, which is focused on oil and gas exploration in Africa. Additionally, IFC has invested in companies like Citla Energy and Apex International Energy, which are involved in the energy sector, further demonstrating its commitment to supporting industries that may intersect with drilling fluids.


6. DXP Enterprises, Inc.

  • Website: dxpe.com
  • Type: Corporate
  • Headquarters: Houston, Texas, United States (USA)
  • Founded year: 1908
  • Headcount: 1001-5000
  • Number of deals in 2024: 6
  • LinkedIn: dxp-enterprises-inc-

DXP Enterprises, Inc. is a Houston-based industrial distributor founded in 1908, specializing in a diverse range of products and services tailored for various sectors, including manufacturing, oil and gas, and renewable energy. The company focuses on enhancing operational efficiency through its expertise in rotating equipment, supply chain management, and safety solutions. In recent years, DXP has made several strategic acquisitions to bolster its position in the oil and gas industry. Notably, in March 2024, they acquired Pro-Seal Service Group, which generated approximately $19.9 million in sales, indicating a focus on enhancing their service offerings relevant to drilling operations. Additionally, their past acquisitions, such as Jerzy Supply and Falcon Pump & Supply, further demonstrate their commitment to expanding their capabilities in sectors that support drilling and production activities. This strategic approach positions DXP Enterprises as a significant player in the drilling fluids market.


7. Post Oak Energy Capital


Post Oak Energy Capital is a private equity firm based in Houston, Texas, founded in 2006. The firm specializes in investments within the energy sector, focusing on upstream, midstream, and oilfield services. They partner with experienced management teams to provide growth capital and strategic support, aiming to create successful oil and gas businesses. Notable transactions include investments in companies like Bayou Well Services and Maverick Brothers Energy, which are involved in oilfield services. Although the specific amounts raised in many transactions are undisclosed, the firm has demonstrated a commitment to developing a diversified portfolio of middle market energy investments, which may encompass drilling fluids as part of their oilfield services focus.


8. EnCap Investments L.P.


EnCap Investments L.P. is a Houston-based private equity firm founded in 1988, specializing in providing growth capital to independent energy companies. The firm has raised over $40 billion and has a strong track record of successful investments in the energy industry, particularly in the upstream and midstream sectors. Notable transactions include significant investments in companies like Silverback Exploration, which raised $500 million in 2017 and $350 million in 2013, and Verdun Oil Company, which raised $250 million in 2015. While these companies are primarily focused on exploration and production, their operations may involve the use of drilling fluids, indicating a potential connection to the drilling fluids industry.


9. Advent


Advent International Corporation is a private equity firm founded in 1984 and based in Boston, Massachusetts. The firm specializes in buyouts and investments across various sectors, providing capital and strategic guidance to help companies achieve growth. Advent operates globally, focusing on long-term value creation for its portfolio companies. Among their notable transactions, Advent acquired NCS Multistage on June 24, 2013, a company that specializes in multistage completion systems, which are crucial in the drilling fluids context. Additionally, they acquired Boart Longyear from Anglo American for $545 million on June 7, 2005, a company recognized for its drilling services and equipment, further solidifying Advent's involvement in the drilling and oilfield services sector. They also acquired RGL Reservoir Management on August 1, 2014, which adds to their portfolio in the energy sector. These transactions highlight Advent's active role in the drilling fluids industry and related fields.


10. Slb

  • Website: slb.com
  • Type: Corporate
  • Headquarters: Houston, Texas, United States (USA)
  • Founded year: 1926
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: slbglobal

Schlumberger NV (SLB) is a leading oilfield services company based in Houston, Texas, founded in 1926. The company specializes in providing advanced technology and solutions for energy innovation, with a strong focus on decarbonization and operational efficiency in the oil and gas industry. SLB's clientele includes energy producers and organizations involved in energy transition, who rely on their expertise to enhance performance and reduce emissions. Notably, SLB has been active in acquiring companies that bolster its capabilities in drilling and production technologies. In 2024, SLB announced a definitive agreement to acquire ChampionX, which is known for its production and drilling solutions, indicating a strategic move to strengthen its position in the drilling fluids market. Other significant acquisitions include PetroAlliance Services in 2005, Peak Well Systems in 2017, and Zilift Limited in 2021, all of which contribute to SLB's comprehensive service offerings in the drilling sector.


11. Blackstone

  • Website: blackstone.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1985
  • Headcount: 1001-5000
  • Number of deals in 2024: 57
  • LinkedIn: blackstonegroup

Blackstone Inc. is a prominent investment management firm based in New York, specializing in alternative investments across various sectors, including private equity, real estate, and credit solutions. Founded in 1985, Blackstone has built a reputation for delivering lasting value through its extensive portfolio and strategic investment approaches. Notably, Blackstone's involvement in the drilling fluids industry is highlighted by its acquisition of Ulterra Drilling Technologies for $700 million, a key player in the manufacturing of drill parts and downhole tools, which are critical to drilling operations. Additionally, through its division GSO Capital Partners, Blackstone invested in Energy Alloys to support its growth strategy, further emphasizing its engagement in the energy sector. These transactions reflect Blackstone's strategic interest in companies that contribute to the drilling and energy landscape.


12. Nabors Industries

  • Website: nabors.com
  • Type: Corporate
  • Headquarters: Houston, Texas, United States (USA)
  • Founded year: 1952
  • Headcount: 10001+
  • Number of deals in 2024: 5
  • LinkedIn: nabors-industries

Nabors Industries Limited, founded in 1952 and based in Houston, Texas, is a leading drilling contractor specializing in oil and gas drilling services. The company operates a fleet of advanced drilling rigs and employs automation technologies to enhance efficiency and safety in drilling operations across multiple countries. In recent years, Nabors has made significant acquisitions to strengthen its position in the drilling sector, including the acquisition of Tesco Corporation in 2017 and the upcoming acquisition of Parker Wellbore, which is expected to close in early 2025. These transactions aim to enhance Nabors' drilling solutions and leverage metrics. Additionally, Nabors has invested in GA Drilling, contributing $15 million to support the development of geothermal drilling technologies, which may also involve innovative drilling fluids. This combination of drilling expertise and strategic investments positions Nabors Industries as a key player in the drilling fluids market.


13. IDEX Corporation

  • Website: idexcorp.com
  • Type: Corporate
  • Headquarters: Northbrook, Illinois, United States (USA)
  • Founded year: 1987
  • Headcount: 5001-10000
  • Number of deals in 2024: 1
  • LinkedIn: idex-corporation

IDEX Corporation is a Northbrook, Illinois-based manufacturer specializing in fluidics systems, optics systems, and fire and rescue equipment. Founded in 1987, the company serves a diverse range of customers across healthcare, manufacturing, and emergency services, providing critical products that enhance operational efficiency and safety. IDEX operates with a decentralized structure that fosters innovation and responsiveness to customer needs globally. Notably, IDEX has made significant acquisitions that align with the oil and gas sector, including Flow Management Devices, which specializes in flow measurement systems for the oil and gas industry, and Liquid Controls, which also operates within this domain. These transactions highlight IDEX's commitment to expanding its capabilities in fluid management, particularly in contexts relevant to drilling operations.


14. Apollo Global Management, Inc.

  • Website: apollo.com
  • Type: Private Equity
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1990
  • Headcount: 1001-5000
  • Number of deals in 2024: 46
  • LinkedIn: apollo-global-management-inc

Apollo Global Management, Inc. is an asset management firm specializing in alternative assets and retirement solutions. Founded in 1990 and based in New York, the firm manages a diverse portfolio across credit, private equity, and real assets. Apollo serves institutional investors, corporations, and individual clients seeking financial security and growth. Notably, Apollo has made significant investments in the oilfield services sector, including the acquisition of Express Energy Services, a North American oilfield services company, and U.S. Silica Holdings, which produces materials essential for drilling fluids. These transactions highlight Apollo's strategic interest in the energy sector, particularly in companies that support drilling operations.


15. The Riverside Company


The Riverside Company is a private equity investment firm based in New York, specializing in providing flexible capital solutions and strategic guidance to smaller middle-market businesses across various industries. Founded in 1988, Riverside has built a diverse portfolio of over 140 companies globally. Notably, Riverside has been involved in significant transactions within the drilling and oilfield services sector, including the acquisition of Welltec in 2005, which focuses on well technology and services. Additionally, Riverside facilitated the acquisition of Galaxy Associates by DuBois, enhancing its portfolio in specialty chemicals, which can be relevant to drilling fluids applications. These transactions highlight Riverside's capability and interest in sectors that intersect with drilling fluids, making them a noteworthy investor in this space.


16. Pelican Energy Partners


Pelican Energy Partners is a private equity firm based in Houston, Texas, founded in 2013. The firm specializes in strategic investments in energy services and manufacturing companies, with a particular focus on oilfield and nuclear energy services. They provide growth capital and strategic guidance to enhance operational efficiency and market competitiveness for their clients. Notably, Pelican has made investments in companies relevant to the drilling industry, such as Gordon Technologies, which specializes in MWD technology for the oil and gas sector. This investment highlights their engagement with technologies that are integral to drilling operations. Other investments include companies like Global Heat Transfer and Q2 Artificial Lift Services, which, while not directly related to drilling fluids, indicate a broader commitment to enhancing energy service capabilities.


17. Morgan Stanley

  • Website: morganstanley.com
  • Type: Venture Capital
  • Headquarters: New York, New York, United States (USA)
  • Founded year: 1986
  • Headcount: 10001+
  • Number of deals in 2024: 79
  • LinkedIn: morgan-stanley

Morgan Stanley is a prominent investment bank and financial services firm founded in 1986, headquartered in New York, New York. With a workforce exceeding 10,000, the firm offers a wide range of services including wealth management, investment banking, and capital markets. Morgan Stanley Energy Partners, a division of the firm, focuses on investments in the energy sector, which includes significant transactions in the drilling fluids context. Notably, they acquired a majority equity stake in Catalyst Energy Services, a company that provides pressure pumping services essential for drilling operations. This acquisition, along with their involvement in Specialized Desanders, highlights their commitment to the energy sector and positions them as a relevant player in the drilling fluids industry. Furthermore, their participation in debt transactions with companies like Nabors and Sasol indicates their financial backing of firms that are integral to the oil and gas supply chain.


18. Emerson

  • Website: emerson.com
  • Type: Corporate
  • Headquarters: St. Louis, Missouri, United States (USA)
  • Founded year: 1890
  • Headcount: 10001+
  • Number of deals in 2024: 4
  • LinkedIn: emerson

Emerson Electric Co. is an industrial automation company based in St. Louis, Missouri, founded in 1890. With over 10,000 employees, Emerson provides a wide range of engineering services, industrial automation equipment, and software solutions across various industries, including oil and gas, power generation, and chemicals. Notably, Emerson has made strategic acquisitions that enhance its position in the oil and gas sector. For instance, the acquisition of GeoFields, Inc. in 2017, a provider of software and services for pipeline integrity management, showcases Emerson's commitment to improving operational efficiency and safety in oil and gas. Additionally, the acquisition of Enardo LLC in 2013, a leader in safety and environmental control equipment for the oil and gas and petrochemical industries, further strengthens Emerson's capabilities in upstream and downstream markets. These transactions highlight Emerson's active role in sectors that intersect with drilling fluids, making them a relevant investor in this space.


19. American Securities


American Securities LLC is a private equity firm based in New York, founded in 1994, that specializes in investing in market-leading North American companies. The firm partners with existing management teams to drive long-term value creation and operational success. Their investment strategy spans various industries, including consumer, healthcare, and industrial sectors. Notably, American Securities has made strategic acquisitions in the drilling fluids context, including Ulterra Drilling Technologies LP, which they acquired on July 18, 2016. This acquisition highlights their commitment to the drilling fluids industry. Additionally, they have invested in companies like Fairmount Santrol and Prince International Corporation, which are involved in industrial supply and materials that may intersect with drilling operations. These transactions demonstrate their capability and interest in sectors related to drilling fluids, reinforcing their relevance as an investor in this field.



Drilling Fluids Insights: Key Investors in the US


InvestorHeadquarterSizeFoundedDeals 2024
ChevronHouston, Texas, United States (USA)10001+199916
KkrNew York, New York, United States (USA)1001-5000197674
SCF PartnersHouston, Texas, United States (USA)11-5019894
Dover CorporationDowners Grove, Illinois, United States (USA)10001+19553
IFC - International Finance CorporationWashington, D.C., District Of Columbia, United States (USA)1001-50001956107
DXP Enterprises, Inc.Houston, Texas, United States (USA)1001-500019086
Post Oak Energy CapitalHouston, Texas, United States (USA)11-5020063
EnCap Investments L.P.Houston, Texas, United States (USA)51-20019881
AdventBoston, Massachusetts, United States (USA)501-1000198417
SlbHouston, Texas, United States (USA)10001+19263
BlackstoneNew York, New York, United States (USA)1001-5000198557
Nabors IndustriesHouston, Texas, United States (USA)10001+19525
IDEX CorporationNorthbrook, Illinois, United States (USA)5001-1000019871
Apollo Global Management, Inc.New York, New York, United States (USA)1001-5000199046
The Riverside CompanyNew York, New York, United States (USA)201-500198812
Pelican Energy PartnersHouston, Texas, United States (USA)11-5020135
Morgan StanleyNew York, New York, United States (USA)10001+198679
EmersonSt. Louis, Missouri, United States (USA)10001+18904
American SecuritiesNew York, New York, United States (USA)51-20019942


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