Patterson-UTI Energy buys pressure pumping business from Key Energy Services

The US$237.7 million all cash acquisition expands Patterson-UTI’s pressure-pumping presence to the Barnett Shale, Eagle Ford Shale and Permian Basin region. The acquired pressure pumping equipment consists of 214 400 horsepower, including 184 400 of fracturing horsepower. Approximately 80% of the fracturing horsepower is comprised of quintuplex pumps that are suited for shale frac work.

“This acquisition is consistent with our long-term strategy of expanding our pressure pumping activities in a manner that continues to deliver a high-level of customer service quality. In addition to the geographic expansion, the acquired businesses provide strong operating personnel, as well as high quality equipment that is very complementary to our existing energy service businesses,” said Douglas Wall, Patterson-UTI’s CEO.