Service & Supply | Oilfield Services
Wilks Brothers Amps Up Service Sector Investments; Picks Up Stake in ProPetro
Billionaire Dan Wilks (of Wilks Brothers LLC) has picked up a 10% stake in ProPetro Holding Corp., according to a report by Reuters.
In recent weeks, Wilks and his namesake company have seemingly amped up investments in the oil and gas services sector, which is struggling in the wake of the oil price war and COVID-19 pandemic.
Just last week, Wilks Brothers agreed to aquire bankrupt Carbo Ceramics in a debt-for-equity exchange. They also own ProFrac Services.
Wilks' investment in ProPetro comes shortly after the company announced that it was cutting nearly 400 employees from its workforce as a result of the depressed market. As of March 20, 2020, ProPetro had no net debt and had total liquidity $178.0 million, including cash of $127.6 million and $50.4 million in credit available.
Related Categories :
Deals - Acquire Stake In
More Deals - Acquire Stake In News
-
Talos Wins GOM Exploration Blocks in Latest Bid Round; 11,520 Gross Acres
-
PE Firm Invests $188MM in Penn Virginia in Exchange for Equity Stake
-
Abu Dhabi Takes $615 Million Stake in Cheniere Energy
-
Ensign Completes Hostile Takeover of Trinidad Drilling
-
REL Joins Riverstone Holdings In Acquiring Stake In Centennial Resource -
United States News >>>
-
Petrus Resources Ltd. First Quarter 2023 Results
-
Battalion Oil Corporation First Quarter 2023 Results
-
Amplify Energy Corporation First Quarter 2023 Results -
-
Denbury Inc., First Quarter 2023 Results
-
Evolution Petroleum Corporation Fiscal Third Quarter 2023 Results