Service & Supply | Oilfield Services
Wilks Brothers Amps Up Service Sector Investments; Picks Up Stake in ProPetro
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Billionaire Dan Wilks (of Wilks Brothers LLC) has picked up a 10% stake in ProPetro Holding Corp., according to a report by Reuters.
In recent weeks, Wilks and his namesake company have seemingly amped up investments in the oil and gas services sector, which is struggling in the wake of the oil price war and COVID-19 pandemic.
Just last week, Wilks Brothers agreed to aquire bankrupt Carbo Ceramics in a debt-for-equity exchange. They also own ProFrac Services.
Wilks' investment in ProPetro comes shortly after the company announced that it was cutting nearly 400 employees from its workforce as a result of the depressed market. As of March 20, 2020, ProPetro had no net debt and had total liquidity $178.0 million, including cash of $127.6 million and $50.4 million in credit available.
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