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Patterson-UTI Completes Acquisition of Pioneer Energy Services
HOUSTON, Oct. 4, 2021 /PRNewswire/ -- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today announced that it has closed its previously announced acquisition of
About this update from Patterson-uti Energy, Inc.
[{"type":"text","content":"HOUSTON, Oct. 4, 2021 /PRNewswire/ -- PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today announced that it has closed its previously announced acquisition of Pioneer Energy Services Corp. Total consideration for the acquisition included the issuance of approximately 26.3 million shares of Patterson-UTI common stock and payment of $30 million of cash, which based on the most recent closing price for Patterson-UTI of $9.44 valued the transaction at approximately $278 million, including the retirement of all Pioneer Energy Services' debt.\nIn connection with the closing, Pioneer Energy Services' senior notes were repaid with cash and a portion of the shares of Patterson-UTI common stock issued in the acquisition. Pioneer shareholders will receive 1.8692 shares of Patterson-UTI common stock for each share of Pioneer common stock.\nAndy Hendricks, Patterson-UTI's Chief Executive Officer, commented, \"I would like to welcome the employees, customers, and shareholders of Pioneer Energy Services to Patterson-UTI. Pioneer's employees share a similar commitment to safety and service quality as our own, and we are excited to have them join our team.\"\nAbout Patterson-UTI \nPatterson-UTI is a leading provider of oilfield services and products to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling, pressure pumping and directional drilling services. For more information, visit www.patenergy.com. \nCautionary Statement Regarding Forward-Looking Statements\nThis press release contains forward-looking statements which are protected as forward-looking statements under the Private Securities Litigation Reform Act of 1995 that are not limited to historical facts, but reflect Patterson-UTI's current beliefs, expectations or intentions regarding future events. Words such as \"anticipate,\" \"believe,\" \"budgeted,\" \"continue,\" \"could,\" \"estimate,\" \"expect,\" \"intend,\" \"may,\" \"plan,\" \"predict,\" \"potential,\" \"project,\" \"pursue,\" \"should,\" \"strategy,\" \"target,\" or \"will,\" and similar expressions are intended to identify such forward-looking statements. The statements in this press release that are not historical statements, including statements regarding Patterson-UTI's future expectations, beliefs, plans, objectives, financial conditions, assu...