Overnight, this comment from a reader caught my attention:
I just heard that Patterson bought Pioneer.
Wow, that caught my attention.
This was accurate, but not THE Pioneer: it was Patterson-UTI Energy acquiring Pioneer Energy Services:
- $295 million deal;
- stock and cash deal;
- expected to close 4Q21;
- will acquire seventeen drilling rigs in the United States, of which sixteen are super-spec
- following the acquisition, Patterson-UTI will own 166 super-spec rigs in the US with almost half of these using alternative power sources for reduced emissions (natural gas?)
- in addition, Pioneer Energy Services included 123 service rigs with a leadership position in the Gulf Coast region -- but this "division" is likely to be divested following the closing of this transaction
The story is easily found elsewhere.
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