(Source: Shutterstock.com)
Midland, Texas-based ProPetro Holding Corp. acquired cementing company Par Five Energy Services’ assets and business operations, according to a Dec. 4 press release.
The Par Five will be integrated within ProPetro’s existing cementing and operating team and brand, the release stated.
“The transaction is also highly complementary to our current cementing operations, led by Beau Tenney, our vice president of cementing operations, and will allow us to serve both the Midland and Delaware Basin areas of the Permian,” said Sam Sledge, CEO of ProPetro.
RELATED: ProPetro CEO: Next-gen Equipment Demand High Despite Market Headwinds
ProPetro anticipates the acquisition will increase their 2024 adjusted EBITIDA by approximately $10 million and convert approximately 80% to 90% of that into free cash flow, the release said.
Recommended Reading
Not Sweating DeepSeek: Exxon, Chevron Plow Ahead on Data Center Power
2025-02-02 - The launch of the energy-efficient DeepSeek chatbot roiled tech and power markets in late January. But supermajors Exxon Mobil and Chevron continue to field intense demand for data-center power supply, driven by AI technology customers.
Oil, Gas and M&A: Banks ‘Hungry’ to Put Capital to Work
2025-01-29 - U.S. energy bankers see capital, generalist investors and even an appetite for IPOs returning to the upstream space.
Riverstone’s Leuschen Plans to IPO Methane-Mitigation-Focused SPAC
2025-01-21 - The SPAC will be Riverstone Holdings co-founder David Leuschen’s eighth, following the Permian Basin’s Centennial Resources, the Anadarko’s Alta Mesa Holdings and the Montney’s Hammerhead Resources.
The Private Equity Puzzle: Rebuilding Portfolios After M&A Craze
2025-01-28 - In the Haynesville, Delaware and Utica, Post Oak Energy Capital is supporting companies determined to make a profitable footprint.
Artificial Lift Firm Flowco Seeks ~$2B Valuation with IPO
2025-01-07 - U.S. artificial lift services provider Flowco Holdings is planning an IPO that could value the company at about $2 billion, according to regulatory filings.
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.