Bronco Drilling Co. Inc., Oklahoma City, (Nasdaq: BRNC), has acquired Eagle Well Service Inc., Liberal, Kan., and related
subsidiaries for $2.5 million in cash and approximately $14.9 million in stock and will assume approximately $3 million in
debt in a total deal value of approximately $20.4 million. Eagle Well operates in Oklahoma, Texas, Kansas and New Mexico, and has 31 workover rigs, 24 of which are currently deployed. Bronco chief executive says Frank Harrison, “We believe the well-services business is a natural complement to ours and an entree into more mid- to late-cycle assets that could provide insulation from cyclicality.”
Recommended Reading
US Threatens to Not Renew Venezuelan Energy Sector License
2024-01-31 - The U.S. Department of State alerted Venezuela that it could decide not to renew General License No. 44 amid what Washington has labeled “anti-democratic actions.”
US Companies Ponder Future in Venezuela as Washington Pressures Maduro on Elections
2024-01-26 - The pressure is on again for Venezuela’s President Nicolás Maduro to announce a clear election timeline amid tensions following recent arrest orders and detentions of his opposition supporters.
Kissler: Red Sea Conflict Could Trigger Oil Shortage
2024-01-17 - Escalating tensions in the Red Sea heighten the potential for shipment disruptions and major impact on energy markets.
Repsol Eyes Increasing Core US Upstream Business
2024-02-29 - Madrid-based Repsol SA will invest €$2.2 billion (US$2.38 billion) between 2024-2027 on its unconventional assets in the Marcellus and Eagle Ford as it focuses on increasing its core U.S. upstream business platform.
What's Affecting Oil Prices This Week? (Jan. 22, 2024)
2024-01-22 - Geopolitical risks continue to increase, but Stratas Advisors' John Paisie expects the oil market will stay steady unless conflicts create a material impact on oil flows.