Patterson-UTI Energy Announces Sale of Pioneer Well Service Rig and Wireline Businesses
Patterson-UTI Energy (NASDAQ:PTEN) has completed the sale of its well service rig and wireline business to Clearwell Dynamics for $43 million in cash, finalized on December 31, 2021.
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Rhea-AI Summary
Patterson-UTI Energy (NASDAQ:PTEN) has completed the sale of its well service rig and wireline business to Clearwell Dynamics for $43 million in cash, finalized on December 31, 2021. The company acquired these assets through its purchase of Pioneer Energy Services Corp. CEO Andy Hendricks expressed satisfaction with the acquisition and integration of the drilling businesses, noting that the sale allows the production services business to operate more effectively as a standalone entity. The sale proceeds exceed the cash portion of the initial purchase price.
Positive
- Patterson-UTI received $43 million in cash for the sale, exceeding the cash portion of the Pioneer acquisition.
- The sale allows the well service rig and wireline business to operate as a focused standalone entity, which may enhance operational efficiency.
Negative
- None.
Details
News Market Reaction – PTEN
The recorded move for PTEN in the trading session of this news was +7.34%.
Data tracked by StockTitan Argus. Session date unavailable.
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HOUSTON, TX / ACCESSWIRE / January 3, 2022 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today announced that it has sold to Clearwell Dynamics, LLC the well service rig business and wireline business that it acquired as part of its acquisition of Pioneer Energy Services Corp. The sale transaction was completed on December 31, 2021, and Patterson-UTI received
Andy Hendricks, Patterson-UTI's Chief Executive Officer, stated, "I remain very pleased with our acquisition of Pioneer Energy Services and the integration of the U.S. and Colombian drilling businesses. As we previously announced, the Pioneer acquisition included a well-run and high-quality production services business that we believe will be better served as a focused stand-alone business. The proceeds of this sale exceed the cash portion of our purchase price for Pioneer Energy Services Corp. I would like to thank all parties involved in the execution of this sale transaction.
About Patterson-UTI
Patterson-UTI is a leading provider of oilfield services and products to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling, pressure pumping and directional drilling services. For more information, visit www.patenergy.com.
Contact:
Mike Drickamer
Vice President, Investor Relations
(281) 765-7170
SOURCE: Patterson-UTI Energy, Inc.
View source version on accesswire.com:
https://www.accesswire.com/680407/Patterson-UTI-Energy-Announces-Sale-of-Pioneer-Well-Service-Rig-and-Wireline-Businesses
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