![]() Other top-ranked players in the energy space include Continental Resources, Inc. Patterson-UTI has a Zacks Rank #2 (Buy), currently. Per management, this business will run better as a constituent of a broader well-service rig business or as an independent operation. Several of these rigs can run on cleaner-burning natural gas instead of diesel, a technology that is becoming increasingly essential for operators in terms of lowering the carbon footprint.Īpart from its contract drilling operations in the United States and Colombia, Pioneer has a well-managed and high-quality well-service rig business with 123 service rigs in the Gulf Coast area. Through this deal, the Houston, TX-based company will benefit from Pioneer's high-quality fleet of 17 drilling rigs in the country, 16 of which are super-spec. In addition, this takeover expands the company’s geographic reach into foreign markets with the addition of eight rigs in Colombia where Pioneer has served for the past 14 years with a well-recognized operational staff and a strong set-up.Īs a leading provider of contract drilling services in the United States, Patterson-UTI is proud to announce this transaction. ![]() With the buyout of Pioneer, Patterson-UTI possesses 166 super-spec rigs in the United States with nearly 50% being outfitted with alternative power sources to minimize emissions. Last year, San Antonio-based Pioneer came out of a pandemic-forced bankruptcy with a much stronger and viable capital structure than its earlier highly-leveraged balance sheet. The deal concluded after fulfilling regulatory clearances, usual closing conditions and Pioneer shareholders’ approval. The purchase price includes the issuing of up to 26.3 million shares of Patterson-UTI common stock as well as a cash payment of $30 million, based on Patterson-UTI's closing price of $9.44 on Oct 1. for $278 million, which comprised the debt load of Pioneer to be cleared by the acquirer. PTEN recently completed the purchase of Pioneer Energy Services Corp.
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