Patterson-UTI Energy (NASDAQ: PTEN) has entered into an agreement with Key Energy Services (NYSE: KEG) to purchase pressure-pumping and wire-line assets used in oil shale drilling. The asset purchase has been reportedly valued at $240 million.
The Patterson-UTI Energy purchase is intended to increase its total horsepower in its pressure-pumping gear as well as its 26-unit wireline business.
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The purchase was an all-cash transaction that will be funded through an expanded credit facility.
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