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Patterson Agrees to Acquire Pressure Pumping Operations

Source: www.gulfoilandgas.com 6/6/2014, Location: North America

PATTERSON-UTI ENERGY, INC. has entered into an agreement to acquire the East Texas-based pressure pumping operations of a privately held company. The acquisition includes 31,500 horsepower of hydraulic fracturing equipment and provides Patterson-UTI with a new base of operations and employees to efficiently support drilling programs in East Texas and Louisiana. The pending transaction is subject to customary closing conditions and receipt of required third party consents, and is expected to close within 10 days.

Based upon published rig counts, nearly 50% of the rigs currently drilling horizontal wells in the United States are located in Texas. The acquired assets will supplement Patterson-UTI's existing Texas-based pressure pumping operations in the Permian Basin, the Eagle Ford shale of South Texas and the Barnett shale of North Texas. Patterson-UTI also has a widespread pressure pumping presence in the Marcellus and Utica shale plays where another 9% of the U.S. active horizontal rig fleet is currently drilling wells.

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