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
Exxon Mobil Completes Purchase of FPSO Offshore Guyana
2024-12-19 - Exxon Mobil Corp. paid $535 million to SBM Offshore for the FPSO, which will operate the unit through 2033.
Marketed: Bison Energy 30-Well Package in Niobrara Shale
2024-12-02 - Bison Energy has retained EnergyNet for the sale of a 30 well package in Adams and Arapahoe counties, Colorado.
Marketed: BP E&P GoM ORRI Opportunity
2024-10-16 - BP Exploration & Production Inc. retained Indigo Energy Advisors for an offshore overriding royalty interest acquisition opportunity in the Gulf of Mexico and Louisiana.
Kosmos in Talks to Acquire UK’s Tullow Oil in All-Stock Deal
2024-12-12 - Kosmos Energy is in early discussions to acquire U.K.-based Tullow Oil in an all-stock transaction, the companies confirmed.
Marketed: Stapleton Group Gulf Coast Texas Opportunity
2024-10-21 - Stapleton Group has retained EnergyNet for the sale of 51,816 non-producing net mineral acres in Walker, Montgomery and San Jacinto counties, Texas.
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.