Patterson-UTI Energy Inc. (Nasdaq: PTEN) is buying fracking assets in Texas for an undisclosed amount.
The deal for the pressure pumping assets gives Patterson-UTI two additional bases of operation to support oil and gas activity in the Eagle Ford and Haynesville shale plays.
Patterson-UTI, headquartered in Houston, provides onshore contract drilling and pressure pumping services to oil and gas exploration and production companies in North America. The company operates in the continental U.S., Alaska and western and northern Canada.
As things have heated up in the energy sector, companies have been looking to buy oil and gas services businesses and assets. In a similar deal earlier in September, private equity firm Ridgemont Equity Partners closed a majority investment in Abrasive Products & Equipment. Before that, in August, Clayton Dubilier & Rice invested $600 million in energy-services company CHC Group Ltd. (NYSE: HELI).
For more on investor interest in the oil and gas services sector, see 3Qs With Craig Jarchow, Managing Director, Pine Brook Partners.