Basic Energy Services Acquires NexTier’s Well Services Business For $94 Million

Basic Energy Services said the acquisition of the NexTier production operations positions the company as the leading well servicing provider in the U.S.

Basic Energy Services Acquires NexTier’s Well Services Business For $94 Million

The NexTier production operations, known as C&J Well Services, is the third-largest rig servicing provider in the U.S. (Source: C&J Energy Services)

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.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access

Emily Patsy

Emily Patsy is the senior managing editor for Hart Energy’s Digital News Group. She's responsible for the daily news flow and also manages the A&D Watch and Energy Pulse weekly newsletters.