Patterson-UTI Energy Inc. agreed to acquire Pioneer Energy Services Corp. for approximately $295 million in a cash-and-stock deal, which includes the retirement of all Pioneer Energy Services’ debt.
San Antonio-based Pioneer Energy Services is a contract driller that also provides a number of well and production services.
Last year, the company voluntarily filed for Chapter 11 bankruptcy and completed a debt restructuring process. Shortly after emerging from bankruptcy in June 2020, Wm. Stacy Locke, who had served as president and CEO since December 2003, decided to step down. At the time, Matt Porter, founding partner at consulting firm Activos LLC and investment firm Allied Industrial Partners, had been named as interim CEO.
Patterson-UTI CEO Andy Hendricks described