Add-on Acquisition • Energy Services and Equipment

ProPetro Acquires Par Five

On December 4, 2023, ProPetro acquired energy services and equipment company Par Five

Acquisition Context
  • This is ProPetro’s 3rd transaction in the Energy Services and Equipment sector.
  • This is ProPetro’s 3rd transaction in the United States.
  • This is ProPetro’s 1st transaction in New Mexico.

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M&A Deal Summary

Date December 4, 2023
Target Par Five
Sector Energy Services and Equipment
Buyer(s) ProPetro
Deal Type Add-on Acquisition

Target Company

Par Five

Artesia, New Mexico, United States
Par Five specializes in cementing services in the Delaware Basin and owns and manages more than 14 cementing spreads servicing leading oil and gas producers in southeastern New Mexico. Par Five is based in Artesia, New Mexico.
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Buyer Overview 1

Buyer

ProPetro

Midland, Texas, United States

Category Company
Founded 2007
Sector Energy Services and Equipment
Employees1,900
Revenue 1.4B USD (2024)
DESCRIPTION

ProPetro is an oilfield services company that provides hydraulic fracturing and other complementary services to upstream oil and gas companies engaged in the exploration and production, or E&P, of North American unconventional oil and natural gas resources. The Company's operations are primarily focused in the Permian Basin, where ProPetro has cultivated longstanding customer relationships with some of the region's most active and well-capitalized E&P companies, including Callon Petroleum, Diamondback Energy, Parsley Energy, Pioneer Natural Resources, Surge Energy and XTO Energy. ProPetro was founded in 2007 and is based in Midland, Texas.


Deal Context for Buyer #
Overall 3 of 4
Sector: Energy Services and Equipment 3 of 4
Type: Add-on Acquisition 2 of 3
State: New Mexico 1 of 1
Country: United States 3 of 4
Year: 2023 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-01 Silvertip Completion Services

Midland, Texas, United States

Silvertip Completion Services is an oilfield services company that owns and operates 23 wireline units and a best-in-class pump-down fleet. Silvertip has deep data collection capabilities, a culture of data-driven decision-making, and an established track record of safety, providing operators with efficient wireline and pump-down services including logging, perforating, and pressure control. Silvertip Completion Services was founded in 2017 and is based in Midland, Texas.

Buy $150M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-03 Aqua Prop

Midland, Texas, United States

Aqua Prop is a provider of wet sand solutions, catering to the needs of the oil and natural gas industry. The Company offers cost-effective and efficient solutions that provide a compelling value proposition and contribute to the success of hydraulic fracturing operations. Aqua Prop was formed in 2023 and is headquartered in Midland, Texas.

Buy $36M