Service & Supply | Oilfield Services | Frac Markets - Pressure Pumping | Deals - Acquisition, Mergers, Divestitures
ProPetro Finalizes Acquisition of Pioneer's Pressure Pumping Assets
ProPetro Holding has completed its previously announced acquisition of the pressure pumping assets of Pioneer Natural Resources.
Concurrently, ProPetro became a strategic long-term service provider to Pioneer providing pressure pumping and related services for a term of up to 10 years.
Dale Redman, ProPetro co-founder and CEO, stated, "We are pleased to materially expand our strategic relationship with Pioneer, a highly-regarded, industry-leading E&P that we have been fortunate to work closely with for several years. This transformative transaction creates the largest pressure pumper in the Permian Basin without adding incremental fleets to the overall market. Most important, I want to formally welcome our newest members to the ProPetro team of employees. We look forward to their long-term contributions and sharing best practices as we further differentiate our service offering for the benefit of our valued customer base."
PPS assets include eight frac fleets with 510,000 hydraulic horsepower (HHP), as well as three coiled tubing units and associated equipment. ProPetro now has 28 frac fleets with 1,415,000 HHP in the Permian Basin.
Related Categories :
Frac Markets - Pressure Pumping
More Frac Markets - Pressure Pumping News
-
Frac Sand Providers Rush to Add Capacity as Demand Jumps -
-
Private Equity Ready to Add Frac Capacity in Sold Out Market -
-
Large Oilfield Service Provider Talks D&C Activity, E&P Capex Increase; DUCs -
-
U.S. E&Ps; Added +9 Frac Fleets This Week; The 2nd Largest Weekly Change -
-
Operators Added +5 Frac Fleets: Week Ending August 27, 2021 -
Permian News >>>
-
Oilfield Services Talk What To Expect In Remainder of 2024 -
-
Large Permian E&P Talks 1Q'24; 282 Wells Planned for 2024 -
-
Seventeen (17) E&Ps; To Use 47 Frac Crews To Complete 2,800 Wells In 2024
-
These Permian Operators Plan to Complete/Frac 2,100 Wells IN 2024
-
Large E&P Chops Permian/Anadarko Basin Frac Activity by 30% In 2024