Clarification: The company purchased by Patterson-UTI is NexTier Oilfield Solutions.

This is one of the largest oilfield services deals in recent memory with your Hart Energy LIVE A&D Minute. With a combined value of $5.4 billion, Patterson-UTI and NexTier Oilfield Solutions will merge. [The company will] have services capabilities in the most active U.S. shale basins and operate as Patterson-U TI energy when the deal closes later this year.

The Permian is still the place for deals for E&Ps. D-J Basin player Civitas Resources is entering the Permian through deals with two private equity backed E&Ps, adding 68,000 net acres in both the Midland and Delaware Basins in deals worth $4.7 billion. 

Meanwhile, Earthstone Energy is expanding its Delaware Basin position with a deal to acquire Novo Oil & Gas, which adds around 11,300 net acres to their portfolio. Northern Oil and Gas is also getting in on the action with a deal to acquire a third of Novo's working interests. I guess our NAPE man on the street coverage via The Pulse was right on the nose with Permian being very active in M&A and we're only midway through the year. 

That's your A&D Minute from Hart Energy Studios. Watch new A&D Minute episodes every Wednesday with our A&D Watch newsletter. Sign up at hartenergy.com/transactions.

Comments