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.
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