Patterson-UTI Energy Inc. (NASDAQ: PTEN) announced Oct. 20 that one of its subsidiaries completed the acquisition of the Texas-based pressure pumping assets of a privately held company. The value of the transaction wasn't disclosed.
The acquisition included 148,250 horsepower (hp) of hydraulic fracturing equipment and provides Houston's Patterson-UTI with two additional bases of operations and employees to support customer activity in South Texas and East Texas. Patterson-UTI now has roughly 918,000 hp of hydraulic fracturing equipment, including the equipment acquired in this transaction.
The company has completed two pressure pumping acquisitions this year, adding a total of about 180,000 hp to the fleet as well as three associated facilities and employees. In total, it has paid $176 million for these two acquisitions plus the assumption of property leases and other contractual obligations.
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