Service & Supply | Oilfield Services | Frac Markets - Pressure Pumping | Deals - Acquisition, Mergers, Divestitures
ProPetro Finalizes Acquisition of Pioneer's Pressure Pumping Assets
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ProPetro Holding has completed its previously announced acquisition of the pressure pumping assets of Pioneer Natural Resources.
Concurrently, ProPetro became a strategic long-term service provider to Pioneer providing pressure pumping and related services for a term of up to 10 years.
Dale Redman, ProPetro co-founder and CEO, stated, "We are pleased to materially expand our strategic relationship with Pioneer, a highly-regarded, industry-leading E&P that we have been fortunate to work closely with for several years. This transformative transaction creates the largest pressure pumper in the Permian Basin without adding incremental fleets to the overall market. Most important, I want to formally welcome our newest members to the ProPetro team of employees. We look forward to their long-term contributions and sharing best practices as we further differentiate our service offering for the benefit of our valued customer base."
PPS assets include eight frac fleets with 510,000 hydraulic horsepower (HHP), as well as three coiled tubing units and associated equipment. ProPetro now has 28 frac fleets with 1,415,000 HHP in the Permian Basin.
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