{"id":20013,"date":"2021-07-07T15:04:06","date_gmt":"2021-07-07T15:04:06","guid":{"rendered":"https:\/\/tankstoragenewsamerica.com\/?p=20013"},"modified":"2021-07-15T15:46:59","modified_gmt":"2021-07-15T15:46:59","slug":"patterson-uti-acquires-pioneer","status":"publish","type":"post","link":"https:\/\/tankstoragenewsamerica.com\/patterson-uti-acquires-pioneer\/","title":{"rendered":"Patterson-UTI Acquires Pioneer"},"content":{"rendered":"

Patterson-UTI Energy has entered into an agreement to acquire Pioneer Energy Services for approximately $295m, which includes the retirement of all Pioneer Energy Services\u2019 debt.<\/p>\n

Consideration for this acquisition consists of the issuance of up to 26,275,000 shares of Patterson-UTI common stock plus payment of $30m of cash. The transaction is expected to close in the fourth quarter of 2021.<\/p>\n

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The transaction adds 16 super-spec drilling rigs to Patterson-UTI\u2019s current fleet of 150 super-spec drilling rigs in the US and expands Patterson-UTI\u2019s geographic footprint with the addition of eight pad-capable rigs in Colombia.<\/p>\n

The deal is expected to be accretive to cash flow per share and adjusted EBITDA per share and generate annual synergies of more than $15m. It also complements Patterson-UTI\u2019s current customer base and allows Patterson-UTI to accelerate its super-spec rig count growth into a market with improving demand.<\/p>\n

Andy Hendricks, Patterson-UTI\u2019s CEO said: \u201cAs a leading provider of contract drilling services in the United States, we are proud to announce this transaction. Pioneer\u2019s high-quality fleet of 17 drilling rigs in the United States, of which 16 are super-spec, will be a valuable addition to our business. Additionally, many of these rigs are capable of substituting cleaner-burning natural gas for diesel, a technology that is becoming increasingly important to operators for reduced emissions.\u201d<\/p>\n

In addition to the US and Colombian contract drilling businesses, Pioneer Energy Services includes a quality well service rig business consisting of 123 service rigs in the Gulf Coast region. Patterson-UTI believes this business would be better served as part of a larger well service rig business or as a focused standalone business. Accordingly, Patterson-UTI expects that this well service rig business would be divested following the closing of the transaction.<\/p>\n

For more information visit: www.patenergy.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Patterson-UTI Energy has entered into an agreement to acquire Pioneer Energy Services for approximately $295m, which includes the retirement of all Pioneer Energy Services\u2019 debt. Consideration for this acquisition consists of the issuance of up to 26,275,000 shares of Patterson-UTI common stock plus payment of $30m of cash. The transaction is expected to close in…<\/p>\n","protected":false},"author":3,"featured_media":17088,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[226,234],"tags":[232,236],"post_series":[],"acf":[],"_links":{"self":[{"href":"https:\/\/tankstoragenewsamerica.com\/wp-json\/wp\/v2\/posts\/20013"}],"collection":[{"href":"https:\/\/tankstoragenewsamerica.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tankstoragenewsamerica.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tankstoragenewsamerica.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/tankstoragenewsamerica.com\/wp-json\/wp\/v2\/comments?post=20013"}],"version-history":[{"count":3,"href":"https:\/\/tankstoragenewsamerica.com\/wp-json\/wp\/v2\/posts\/20013\/revisions"}],"predecessor-version":[{"id":20347,"href":"https:\/\/tankstoragenewsamerica.com\/wp-json\/wp\/v2\/posts\/20013\/revisions\/20347"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tankstoragenewsamerica.com\/wp-json\/wp\/v2\/media\/17088"}],"wp:attachment":[{"href":"https:\/\/tankstoragenewsamerica.com\/wp-json\/wp\/v2\/media?parent=20013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tankstoragenewsamerica.com\/wp-json\/wp\/v2\/categories?post=20013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tankstoragenewsamerica.com\/wp-json\/wp\/v2\/tags?post=20013"},{"taxonomy":"post_series","embeddable":true,"href":"https:\/\/tankstoragenewsamerica.com\/wp-json\/wp\/v2\/post_series?post=20013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}