Patterson-UTI to Buy Pioneer Energy Services for $295 Million

The acquisition of Pioneer Energy Services’ fleet of 17 drilling rigs in the U.S., of which 16 are super-spec, was described as a “valuable addition” to Patterson-UTI’s current fleet of 150 super-spec drilling rigs in the U.S.

Patterson-UTI to Buy Pioneer Energy Services for $295 Million

The deal includes Pioneer Energy Services’ well service rig business consisting of 123 service rigs with a leadership position in the Gulf Coast region, which Patterson-UTI expects to divest. (Source: Pioneer Energy Services Corp.)

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

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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.