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Midland, Texas-based ProPetro Holding Corp. acquired cementing company Par Five Energy Services’ assets and business operations, according to a Dec. 4 press release.
The Par Five will be integrated within ProPetro’s existing cementing and operating team and brand, the release stated.
“The transaction is also highly complementary to our current cementing operations, led by Beau Tenney, our vice president of cementing operations, and will allow us to serve both the Midland and Delaware Basin areas of the Permian,” said Sam Sledge, CEO of ProPetro.
RELATED: ProPetro CEO: Next-gen Equipment Demand High Despite Market Headwinds
ProPetro anticipates the acquisition will increase their 2024 adjusted EBITIDA by approximately $10 million and convert approximately 80% to 90% of that into free cash flow, the release said.
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