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San Antonio-based Pioneer Energy acquired by Houston driller


San Antonio-based Pioneer Energy acquired by Houston driller
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San Antonio-based Pioneer Energy Services is a contract driller and provides a number of well and production services.Courtesy / Courtesy
Houston-based Patterson-UTI Energy Inc. said Tuesday it’s acquiring Pioneer Energy Services, the struggling San Antonio oilfield services firm that emerged from bankruptcy last summer.
The deal is valued at $295 million. Patterson-UTI paid $30 million in cash and the rest in shares of stock. The deal extinguished Pioneer’s debt.
The purchase of Pioneer Energy adds 17 drilling rigs to UTI-Patterson’s portfolio. The company now operates 166 “super-spec”, or premium, rigs. Patterson-UTI also acquired eight Colombian drilling rigs from Pioneer, expanding its footprint outside the U.S. ....

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