Billionaire oilman Dan Wilks increased his stake in NexTier Oilfield Solutions, according to a regulatory filing on Thursday, his latest purchase in the hard-hit oilfield services industry.
Oilfield equipment and service companies were among the worst performing sector of the energy business as the COVID-19 pandemic cut oil demand. Wilks, who made his fortune on the U.S. shale boom through a Texas oil trucking firm with his brother, is betting the sector has bottomed, say analysts.
Wilks and his brother, Farris, last month took a roughly 10% stake in hydraulic fracking firm U.S. Well Services. Wilks also snapped up shares in rival shale fracking firm ProPetro Holding Corp, reporting a roughly 7.5% stake in January, and has been engaged in a lengthy court battle to take over Canadian pressure pumper Calfrac Well Services Ltd.
Wilks first took a 5% active stake in NexTier in February and now holds a nearly 8% stake in the company, according to Thursday's U.S. Securities and Exchange Commission filing.
Representatives for NexTier and the Wilks family did not immediately respond to a request for comment.
The Wilks Brothers own hydraulic fracturing firm ProFrac Services. In addition to the family's equity stake in U.S. Well Services, ProFrac recently invested roughly $22.5 million in the company as part of a licensing agreement that allows them to build and operate electric frac fleets.
Recommended Reading
Dividends Declared in the Week of Aug. 26
2024-08-30 - Here is a selection of dividends declared from select upstream and service and supply companies.
Talos Energy CEO Tim Duncan Steps Down; Mills to Take Helm
2024-08-30 - An analyst said Talos Energy President and CEO Tim Duncan was forced out over share price performance, although other factors may have played a role.
HNR Acquisition to Rebrand as EON Resources Inc.
2024-08-29 - HNR’s name change to EON Resources Inc. and a new ticker symbol, “EONR,” will take effect when trading commences on Sept. 18.
Hunting Wins Contracts for OOR Services to North Sea Operators
2024-08-29 - Hunting is securing contracts worth up to $60 million to deliver organic oil recovery technology to increase recoverable reserves for North Sea operators.
GreenFire Appoints Rob Klenner as President to Deliver Geothermal Solutions
2024-08-27 - As president of GreenFire Energy, Rob Klenner will be responsible for overseeing GreenFire’s geothermal energy projects.