Clarification: The company purchased by Patterson-UTI is NexTier Oilfield Solutions.
This is one of the largest oilfield services deals in recent memory with your Hart Energy LIVE A&D Minute. With a combined value of $5.4 billion, Patterson-UTI and NexTier Oilfield Solutions will merge. [The company will] have services capabilities in the most active U.S. shale basins and operate as Patterson-U TI energy when the deal closes later this year.
The Permian is still the place for deals for E&Ps. D-J Basin player Civitas Resources is entering the Permian through deals with two private equity backed E&Ps, adding 68,000 net acres in both the Midland and Delaware Basins in deals worth $4.7 billion.
Meanwhile, Earthstone Energy is expanding its Delaware Basin position with a deal to acquire Novo Oil & Gas, which adds around 11,300 net acres to their portfolio. Northern Oil and Gas is also getting in on the action with a deal to acquire a third of Novo's working interests. I guess our NAPE man on the street coverage via The Pulse was right on the nose with Permian being very active in M&A and we're only midway through the year.
That's your A&D Minute from Hart Energy Studios. Watch new A&D Minute episodes every Wednesday with our A&D Watch newsletter. Sign up at hartenergy.com/transactions.
Recommended Reading
AIQ, Partners to Boost Drilling Performance with AI ROP Project
2024-12-06 - The AI Rate of Penetration Optimization project will use AI-enabled solutions to provide real-time recommendations for drilling parameters.
Halliburton Secures Drilling Contract from Petrobras Offshore Brazil
2025-01-30 - Halliburton Co. said the contract expands its drilling services footprint in the presalt and post-salt areas for both development and exploration wells.
RoboTrucks Arrive in Permian Basin, Haul Proppant for Atlas Energy
2025-01-24 - Autonomous trucks developed by Kodiak Robotics delivered sand, off-road, for Atlas Energy Solutions’ Permian operations beginning in December.
Small Steps: The Continuous Journey of Drilling Automation
2024-12-26 - Incremental improvements in drilling technology lead to significant advancements.
TGS to Reprocess Seismic Data in India’s Krishna-Godavari Basin
2025-01-28 - TGS will reprocess 3D seismic data, including 10,900 sq km of open acreage available in India’s upcoming 10th Open Acreage Licensing Policy (OALP) bid round blocks.
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.