M&A Deal Summary

Patterson-UTI Acquires Pioneer Energy Services

On July 6, 2021, Patterson-UTI acquired energy services and equipment company Pioneer Energy Services for 295M USD

Acquisition Highlights
  • This is Patterson-UTI’s 4th transaction in the Energy Services and Equipment sector.
  • This is Patterson-UTI’s largest (disclosed) transaction.
  • This is Patterson-UTI’s 7th transaction in the United States.
  • This is Patterson-UTI’s 5th transaction in Texas.

M&A Deal Summary
Date 2021-07-06
Target Pioneer Energy Services
Sector Energy Services and Equipment
Buyer(s) Patterson-UTI
Deal Type Add-on Acquisition
Deal Value 295M USD
Advisor(s) Tudor, Pickering, Holt & Co., LLC (Financial)
Vinson & Elkins (Legal)

Target

Pioneer Energy Services

San Antonio, Texas, United States
website
Pioneer Energy Services is a provider of well servicing and wireline services to producers primarily in the Texas and Rocky Mountain regions. Pioneer also provides contract land drilling services to oil and gas operators in Texas and Appalachia regions and internationally in Colombia. Pioneer Energy Services is headquartered in San Antonio, Texas.

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Buyer(S) 1

Buyer

Patterson-UTI

Houston, Texas, United States

website

Category Company
Founded 1978
Sector Oil/Gas Exploration
Employees3,000
Revenue 2.6B USD (2022)
DESCRIPTION

Patterson-UTI provide onshore contract drilling and pressure pumping services, operate land-based drilling rigs in oil and natural gas producing regions to exploration and production companies in North America. Patterson-UTI was founded in 1978 and is based in Houston, Texas.

DEAL STATS #
Overall 8 of 9
Sector (Energy Services and Equipment) 4 of 4
Type (Add-on Acquisition) 6 of 7
State (Texas) 5 of 6
Country (United States) 7 of 8
Year (2021) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-05 MS Directional

Conroe, Texas, United States

MS Directional is a provider of directional drilling services in the United States. With operations in most major producing onshore oil and gas basins in the United States, MS Energy provides a comprehensive suite of directional drilling services including directional drilling, downhole performance motors, directional surveying, measurement while drilling ("MWD"), and wireline steering tools. MS Directional was founded in 1980 and is based in Conroe, Texas.

Buy $215M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-08 Criterion Energy Partners

Houston, Texas, United States

Criterion Energy Partners is a geothermal energy company that plans to develop distributed energy projects to help customers reduce emissions and improve operating efficiency using heat from the earth. The company's mission is to create a more sustainable future by making geothermal energy projects commercially viable everywhere. Key to its strategic advantage are Criterion Energy Partners' team of managers, associates, and advisors with extensive experience in Business Development, Finance, Legal, Drilling & Completions, Subsurface Engineering, Geology, Geophysics, and Data Science. Criterion Energy Partners touts value creation through its business model and tangible measurements, including (i) Emissions reductions, (ii) Power reliability, (iii) Long term cost stability, and (iv) Weather resiliency. Criterion Energy Partners was formed in 2021 and is based in Houston, Texas.

Buy -
Mergr

Product

Company

Legal