Following the purchase of substantially all assets of Endeavor Energy Resources’ well servicing division, Key Energy Services will continue to support Endeavor’s well servicing needs in the Permian Basin. (Source: Key Energy Services)
Key Energy Services purchased substantially all assets of Endeavor Energy Resources’ well servicing division, Key said on May 19.
Endeavor is in the process of being acquired by Diamondback Energy in a cash-and-stock deal valued at $26 billion. The Diamondback acquisition is currently being reviewed by the Federal Trade Commission.
Key Energy is buying Endeavor’s service assets in an all-cash deal effective May 19. Key will continue to support Endeavor’s well servicing needs in the Permian Basin with the assets. Financial terms of the deal were undisclosed.
Marshall Dodson, Key’s president and CEO, said the transaction includes great assets and people that will be added to the OFS company’s team.
“We look forward to continuing our relationship with Endeavor, partnering with them to provide the same safe and exceptional service they are accustomed to,” he said.
Dodson said Key has strengthened its balance sheet to a point where it can add to its footprint in the Permian. “Our balance sheet and liquidity have benefited over the past few years from our positive operating results and free cash flow, enabling both this purchase and reductions in our debt outstanding,” he said in a press release.
Recommended Reading
From Days to Minutes: AI’s Potential to Transform Energy Sector
2024-11-22 - Despite concerns many might have, AI looks to be the next great tool for the energy industry, experts say.
NatGas Prices Drop After Freeport LNG Train Shutdown
2024-11-22 - Freeport LNG’s report says one of three liquefication trains went offline due to an oil lube pump issue on Nov. 20.
McKinsey: Big GHG Mitigation Opportunities for Upstream Sector
2024-11-22 - Consulting firm McKinsey & Co. says a cooperative effort of upstream oil and gas companies could reduce the world’s emissions by 4% by 2030.
ConocoPhillips: Longer Laterals Coming to Delaware Basin After Marathon Close
2024-11-22 - After closing a $17.1 billion acquisition of Marathon Oil, ConocoPhillips’ Delaware Basin leader sees opportunities to drill longer laterals and investigate secondary benches underground.
Energy Transition in Motion (Week of Nov. 22, 2024)
2024-11-22 - Here is a look at some of this week’s renewable energy news, including the ranking of top corporate solar users in the U.S.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.