Patterson-UTI Energy (Nasdaq:PTEN) has acquired two assets from Key Energy Services, Inc. (NYSE:KEG) via two subsidiaries.
Universal Pressure Pumping, Inc. and Universal Wireline acquired wireline and pressure pumping assets from Key Energy for about $238 million in cash. They were subsidiaries of Key Energy.
Patterson-UTI's Chairman Mark S. Siegel said about the acquisition, "We are pleased to complete this acquisition that significantly expands one of our core businesses. This acquisition was funded with a combination of cash on hand and a draw under our $400 million revolving line of credit."
Key acquired assets from OFS Energy Services, including subsidiaries of the company and other assets. That cost Key Energy $15.8 million shares in its stock and $75.8 million cash, "subject to certain post-closing adjustments."
A six-month lockup period on new Key stock issued by Key Energy began on October 1.
Showing posts with label Patterson UTI Energy. Show all posts
Showing posts with label Patterson UTI Energy. Show all posts
Monday, October 4, 2010
Tuesday, July 6, 2010
Barclays Capital Upgrades Patterson-UTI Energy (Nasdaq:PTEN)
Barclays Capital showed its love for the oil service and drilling industry today, upgrading the sector as a whole from "Neutral" to "Positive," including Patterson-UTI Energy (Nasdaq:PTEN), which they upgraded from "Underweight" to "Equal Weight."
Patterson-UTI Energy Inc. was also the top performer in the Russel 1000 Index, at one point gaining 7.8 percent to $13.95.
More news for Patterson on the day was the agreement to acquire pressure pumping and wireline businesses assets from Key Energy Services (NYSE:KEG) for about $240 million.
The transaction will be all cash, and will be funded via an expanded credit facility.
Patterson closed Tuesday at $13.73, gaining $0.79, or 6.11 percent.
Patterson-UTI Energy Inc. was also the top performer in the Russel 1000 Index, at one point gaining 7.8 percent to $13.95.
More news for Patterson on the day was the agreement to acquire pressure pumping and wireline businesses assets from Key Energy Services (NYSE:KEG) for about $240 million.
The transaction will be all cash, and will be funded via an expanded credit facility.
Patterson closed Tuesday at $13.73, gaining $0.79, or 6.11 percent.
Wednesday, May 5, 2010
Atwood Oceanics (NYSE:ATW), Patterson-UTI Energy (Nasdaq:PTEN), SandRidge Energy (NYSE:SD) Expected to Soar
Over the next several years, analysts have said that companies like Atwood Oceanics (NYSE:ATW), Patterson-UTI Energy (Nasdaq:PTEN), SandRidge Energy (NYSE:SD) are expected to soar, as the overall oil and gas drilling and exploration industry will grow earnings a share by over 8.6 percent.
Atwood Oceanics looks like it's going to perform strong during that time, beating the industry during next five years, with projections their earnings per share will rise by 20 percent.
The latest quarterly results for Atwood had them handily beating estimates, with earnings coming to $1.03 a share, far above the 91 cents a share analysts were looking for.
Earning per share for SandRidge Energy are projected to rise by 10 percent in the next five years, while Patterson-UTI Energy has a earnings per share estimate of 5 percent.
Atwood Oceanics looks like it's going to perform strong during that time, beating the industry during next five years, with projections their earnings per share will rise by 20 percent.
The latest quarterly results for Atwood had them handily beating estimates, with earnings coming to $1.03 a share, far above the 91 cents a share analysts were looking for.
Earning per share for SandRidge Energy are projected to rise by 10 percent in the next five years, while Patterson-UTI Energy has a earnings per share estimate of 5 percent.
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