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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.
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.
2024-01-05 - Here is a look at some of this week’s renewable energy news, including a step forward for BP’s efforts to transform an old oil refinery into a biofuel facility.
2024-01-29 - The energy technology company is involved with several hydrogen projects as it works to accelerate the hydrogen economy.
2023-12-11 - The joint venture between Masdar and Verbund will study the potential for green hydrogen to decarbonize hard-to-abate industries in Spain and central Europe to meet net-zero goals.
2024-02-09 - Here is a look at some of this week’s renewable energy news, including the latest on a direct lithium extraction technology test involving one of the world’s biggest lithium producers and the company behind the technology.
2023-12-18 - CNX says it ended coordination with the Adams Fork project, an anchor project for the Appalachian Regional Clean Hydrogen hub.