Basic Energy Services Inc. acquired the production operations from NexTier Oilfield Solutions Inc. on March 9 as Basic positions itself as the leading well servicing provider in the U.S.

In a news release, Basic said it paid about $94 million for the NexTier production operations, which the company plans to fund through a combination of cash and notes that includes proceeds from the previously announced sale of its pumping services assets.

The NexTier production operations, known as C&J Well Services, is the third-largest rig servicing provider in the U.S. Combined, Basic expects to achieve $17 million in annual run-rate cost synergies.

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