One X: A Completions Partner

Background

Overview

One X, formerly known as Covenant Testing Technologies, is a leading provider of comprehensive well completion services in the oil and gas industry. The company specializes in pressure control, drill-out, and flowback services, offering integrated solutions that enhance operational efficiency and safety for energy operators. Headquartered in The Woodlands, Texas, One X operates across major U.S. shale basins, including the Permian Basin, Eagle Ford Shale, and Haynesville Shale.

Mission and Vision

One X is committed to empowering clients with advanced, efficient, and effective completion technologies. The company's mission is to provide comprehensive, end-to-end solutions that address the dynamic needs of the oil and gas industry, ensuring safety, reliability, and performance in well completion operations.

Industry Significance

As a significant player in the completions services sector, One X contributes to the optimization of well performance and the reduction of operational risks for energy operators. Its integrated service model streamlines operations, reduces costs, and enhances safety, positioning the company as a valuable partner in the energy industry.

Key Strategic Focus

Core Objectives

One X aims to be a true partner to its clients, offering integrated solutions that encompass all aspects of well completion and production. The company's strategic focus includes:

• Operational Efficiency: Streamlining processes to maximize productivity and reduce downtime.

• Safety and Reliability: Ensuring high standards of safety and operational integrity in all services.

• Innovation: Adopting cutting-edge technologies to enhance service delivery and performance.

Areas of Specialization

One X specializes in three core service divisions:

• OnePressure: Providing frac pressure control services that ensure operational integrity from start to finish.

• OneDrillout: Offering efficient and reliable drill-out operations that optimize well performance.

• OneFlow: Delivering integrated flowback services that maximize production and minimize downtime.

Key Technologies Utilized

The company employs advanced technologies, including service-less valve systems, to enhance operational efficiency and safety. In May 2025, One X acquired United Energy Partners, a leading provider of pressure control services and equipment rentals, integrating service-less valve technology into its operations.

Primary Markets and Conditions Targeted

One X primarily serves energy operators in major U.S. shale basins, including the Permian Basin, Eagle Ford Shale, and Haynesville Shale. The company's services are designed to meet the evolving demands of the oil and gas industry, focusing on high-efficiency, low-maintenance, and safe well completion operations.

Financials and Funding

Funding History

In October 2023, One X was acquired by Kingswood Capital Management, a private equity firm. This acquisition provided the company with additional capital and resources to expand its service offerings and geographic reach.

Total Funds Raised

Specific details regarding the total funds raised by One X are not publicly disclosed.

Notable Investors

Kingswood Capital Management is the primary investor in One X following the acquisition in October 2023.

Intended Utilization of Capital

The capital from the acquisition is intended to support the expansion of One X's service offerings, enhance technological capabilities, and broaden its geographic footprint, particularly in the U.S. shale basins.

Pipeline Development

Key Pipeline Candidates

One X's strategic acquisition of United Energy Partners in May 2025 has significantly enhanced its service capabilities, particularly in pressure control services and equipment rentals.

Stages of Development

The integration of United Energy Partners' assets and personnel into One X's operations has been completed, enhancing the company's service offerings and operational capacity.

Target Conditions

The acquisition aims to improve service delivery in key U.S. shale basins, including the Permian Basin, DJ Basin, Eagle Ford Shale, Bakken Shale, and Haynesville Shale.

Anticipated Milestones

The combined operations are expected to lead to increased support for operators in the Permian Basin and other Lower 48 unconventional plays, with a focus on high-efficiency, low-maintenance, and safe well completion operations.

Technological Platform and Innovation

Proprietary Technologies

One X has integrated service-less valve technology into its operations, enhancing efficiency and safety in well completion processes. This technology eliminates the need for greasing and manual intervention, supporting pad-wide deployments and real-time control integration.

Significant Scientific Methods

The company employs advanced technologies, including service-less valve systems, to enhance operational efficiency and safety. In May 2025, One X acquired United Energy Partners, a leading provider of pressure control services and equipment rentals, integrating service-less valve technology into its operations.

Leadership Team

James Stewart

• Position: Chief Executive Officer and Chairman

• Professional Background: James Stewart has extensive experience in the energy services sector, leading One X through significant growth and strategic acquisitions.

• Key Contributions: Under his leadership, One X has expanded its service offerings and geographic reach, enhancing its position in the completions services market.

Dipo Iluyomade

• Position: Chief Financial Officer

• Professional Background: Dipo Iluyomade has a strong background in financial management within the energy sector, overseeing financial operations and strategic financial planning at One X.

• Key Contributions: He has played a pivotal role in managing the company's financial growth and supporting strategic initiatives, including acquisitions and service expansions.

Drew Krupa

• Position: Vice President of Operations

• Professional Background: Drew Krupa has over 17 years of experience in operations management within the oil and gas industry, focusing on optimizing well completion processes.

• Key Contributions: He has been instrumental in enhancing operational efficiency and safety standards across One X's service divisions.

Lee Cumpian

• Position: Eagle Ford Operations

• Professional Background: Lee Cumpian has extensive experience in managing operations in the Eagle Ford Shale, focusing on well completion and production optimization.

• Key Contributions: He has successfully led teams to improve service delivery and client satisfaction in the Eagle Ford region.

Shaun Fallon

• Position: Rockies Operations

• Professional Background: Shaun Fallon has a strong background in operations management within the Rockies region, specializing in well completion services.

• Key Contributions: He has overseen the expansion and optimization of One X's services in the Rockies, contributing to the company's growth in the area.

Kenneth Hodges

• Position: Vice President of Drillout and Flowback

• Professional Background: Kenneth Hodges has over 20 years of experience in well testing and flowback services, with a focus on safety and efficiency.

• Key Contributions: He has led the development and implementation of advanced technologies in drill-out and flowback operations at One X.

Nicholas Everson

• Position: Sales Manager

• Professional Background: Nicholas Everson has a background in sales and business development within the energy services sector.

• Key Contributions: He has been responsible for driving sales growth and expanding One X's client base through strategic partnerships and service offerings.

Jeremy Brooks

• Position: Director of Health, Safety, and Environment (HSE)

• Professional Background: Jeremy Brooks has over 20 years of experience in HSE management within the oil and gas industry.

• Key Contributions: He has implemented comprehensive safety programs and ensured compliance with industry standards across One X's operations.

Jacob Strauss

• Position: Rockies Frac Operations

• Professional Background: Jacob Strauss has extensive experience in hydraulic fracturing operations in the Rockies region.

• Key Contributions: He has optimized frac operations to enhance well performance and efficiency in the Rockies.

Tyler Terry

• Position: Permian Operations