- Expands Global Platform in Rod Lift Solutions

Lufkin Industries ("Lufkin"), a portfolio company of KPS Capital Partners, LP 
("KPS"), announced today that it has completed the acquisition of the North 
American Land Rod Lift Business (the "Rod Lift Business" or the "Business") of 
Schlumberger N.V. ("Schlumberger") (NYSE: SLB). 

Schlumberger's Rod Lift Business is a large provider of rod lift products and 
services in North America (onshore) with brands including Don-Nan, Shores Lift 
Solutions, KBA Engineering, Platinum Pumpjack Services and RLC Rod Lift 
Consulting.  The Business provides its customers with a full product offering 
including downhole pumps and accessories, beam pumping units, sucker rods and 
gas lift products.  The Rod Lift Business has significant manufacturing and 
distribution capacity and has developed differentiated technology offerings, 
including the proprietary PumpTrak software.  The Business has an expansive 
footprint across all major oil-producing regions in North America (onshore), 
including the Permian Basin where Don-Nan has operated for almost 60 years. 

Lufkin became an independent company after being acquired by KPS from Baker 
Hughes on June 30, 2020.  Lufkin, headquartered in Missouri City, Texas, is a 
leading global provider of rod lift products, technologies, services and 
solutions, including automated control and optimization equipment and software 
for rod lift equipment to the oil and gas industry.  With over 100 years of 
industry leadership, Lufkin manufactures a complete line of surface pumping 
units, downhole sucker rod pumps and automation systems in six manufacturing 
and assembly facilities worldwide.  Lufkin has an extensive global service 
footprint that operates throughout the oil-producing world.

Michael Psaros, Co-Founder and Co-Managing Partner of KPS, said, "We are 
excited to combine Lufkin and Schlumberger's Rod Lift Business, which together 
have an unparalleled reputation for reliability, superior technology, 
innovation, customer service and global footprint.  KPS Partner Ryan Baker, 
leveraging KPS' significant capital resources and global platform, is 
successfully leading a team that is building Lufkin through the acquisition of 
complementary businesses, technologies and products that serve the upstream 
sector of the energy business.  KPS is committed to expanding the Lufkin 
platform despite unprecedented volatility in the energy business, which will 
benefit customers of Lufkin and Schlumberger's Rod Lift Business."

Andy Cordova, President of Lufkin, said, "The real winner in the combination 
are the customers of Lufkin and Schlumberger's Rod Lift Business.  Our 
customers will now have access to the many strengths of both businesses as we 
combine the very best technology, manufacturing processes and global 
footprint.  We will remain laser focused on providing world-class quality, 
delivery and customer service across our platform as we combine these 
businesses and beyond."

Simmons Energy, a division of Piper Sandler & Co., acted as advisor and Paul, 
Weiss, Rifkind, Wharton & Garrison LLP and Dentons served as legal counsel to 
Lufkin and its affiliates.  PPHB LP acted as advisor and Akin Gump Strauss 
Hauer & Feld LLP served as legal counsel to Schlumberger.

About Schlumberger Rod Lift Business
Schlumberger's Rod Lift Business is a large provider of rod lift products and 
services in North America (onshore) with brands including Don-Nan, Shores Lift 
Solutions, KBA Engineering, Platinum Pumpjack Services and RLC Rod Lift 
Consulting.  The Business provides its customers with a full product offering 
including downhole pumps and accessories, beam pumping units, sucker rods and 
gas lift products.  The Rod Lift Business has significant manufacturing and 
distribution capacity and has developed differentiated technology offerings, 
including the proprietary PumpTrak software.  The Business has an expansive 
footprint across all major oil-producing regions in North America (onshore), 
including the Permian Basin where Don-Nan has operated for almost 60 years.  
For more information on Schlumberger's Rod Lift Business, visit www.don-nan.com 
or www.slb.com/completions/artificial-lift/sucker-rod-pumps. 

About Lufkin Industries
Lufkin, headquartered in Missouri City, Texas, is a leading global provider of 
rod lift products, technologies, services and solutions, including automated 
control and optimization equipment and software for rod lift equipment to the 
oil and gas industry.  With over 100 years of industry leadership, Lufkin 
manufactures a complete line of surface pumping units, downhole sucker rod 
pumps and automation systems in six manufacturing and assembly facilities 
worldwide.  Lufkin has an extensive global service footprint that operates 
throughout the oil-producing world.  For more information on Lufkin, visit 
www.lufkin.com. 

About KPS Capital Partners
KPS, through its affiliated management entities, is the manager of the KPS 
Special Situations Funds, a family of investment funds with approximately $11.5 
billion of assets under management (as of June 30, 2020).  For over two 
decades, the Partners of KPS have worked exclusively to realize significant 
capital appreciation by making controlling equity investments in manufacturing 
and industrial companies across a diverse array of industries, including basic 
materials, branded consumer, healthcare and luxury products, automotive parts, 
capital equipment and general manufacturing.  KPS creates value for its 
investors by working constructively with talented management teams to make 
businesses better, and generates investment returns by structurally improving 
the strategic position, competitiveness and profitability of its portfolio 
companies, rather than primarily relying on financial leverage.  The KPS Funds' 
portfolio companies currently have aggregate annual revenues of approximately 
$10.6 billion, operate 168 manufacturing facilities in 27 countries, and have 
nearly 32,000 employees, directly and through joint ventures worldwide (as of 
June 30, 2020, pro forma for recent acquisitions).  The KPS investment strategy 
and portfolio companies are described in detail at www.kpsfund.com. 

SOURCE  Lufkin Industries

CONTACT: Business Inquiries: KPS, 212.338.5100 Media Relations: David Wells or 
Catherine Johnson – 646.818.9287, Prosek Partners