Key Energy Services Acquires Endeavor’s Well Servicing Division
[Click image to enlarge]
Key Energy Services has acquired substantially all the assets of the well servicing division of Endeavor Energy Resources in an all-cash transaction. Key will continue support Endeavor’s well servicing needs in the Permian Basin with these assets.
“We are excited about this transaction and the great people and assets we have added to our team. We look forward to continuing our relationship with Endeavor, partnering with them to provide the same safe and exceptional service they are accustomed to,” said Key Energy Services President and Chief Executive Officer, Marshall Dodson.
“I am very proud of the progress our team at Key has made over the past several years, strengthening our balance sheet to a position where we can add to our already strong footprint in the Permian Basin. Our balance sheet and liquidity have benefited over the past few years from our positive operating results and free cash flow, enabling both this purchase and reductions in our debt outstanding,” added Dodson.
“We are extremely focused on providing Endeavor, and all our customers, with best-in-class service and equipment and doing so with industry leading safely. I’m pleased to say that even with the challenges of increasing activity and a growing employee base, Key is working safer than at any time in its 45-year history,” concluded Dodson.
In February 2024, Diamondback Energy and Endeavor Energy Resources agreed to merge in $26 billion deal.
Last month, Diamondback Energy received a second FTC request in Endeavor deal.
Key Energy Services provides a wide array of leading-edge energy production solutions and services. Through their highly trained and experienced crews, technical expertise, state-of-the-art data analytics, and fit for purpose equipment, Key enable America’s E&P companies, from small independents to majors, to get the most out of the life of their wells.
Be in-the-know when you’re on-the-go!
FREE eNews delivery service to your email twice-weekly. With a focus on lead-driven news, our news service will help you develop new business contacts on an on-going basis.
CLICK HERE to register your email address.
Copyright © 2024 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
For licensing permission, .(JavaScript must be enabled to view this email address)
