ProPetro Acquires Par Five Energy Services Creating a Leading Permian Cementing Services Company
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ProPetro Holding has acquired the assets and business operations of Par Five Energy Services. Specializing in cementing services in the Delaware Basin, Par Five’s business complements ProPetro’s existing cementing business that operates predominantly in the Midland Basin region of the Permian Basin.
The acquired business will be integrated within ProPetro’s existing cementing operating team and brand. This transaction forms a comprehensive cementing business to better serve Permian operators and is complementary to ProPetro’s industry-leading hydraulic fracturing and wireline completions businesses.
“This acquisition is evidence of our ability to execute on our strategy to pursue accretive growth opportunities that increase our free cash flow generation. The transaction is also highly complementary to our current cementing operations, led by Beau Tenney, our vice president of cementing operations, and will allow us to serve both the Midland and Delaware Basin areas of the Permian,” said Sam Sledge, chief executive officer of ProPetro.
“Additionally, ProPetro is well-positioned to capitalize on potential revenue synergies, leveraging Par Five’s capacity in tandem with the strong commercial architecture and established customer relationships of ProPetro. We are excited to welcome the Par Five team as we continue to deliver best-in-class services for our customers and unlock meaningful value for all of our stakeholders,” added Sledge.
ProPetro Holding Corp. is a Midland, Texas-based provider of premium completion services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. They help bring reliable energy to the world.
Established in 2011 by Curtis Tolle and the Chase family, with its headquarters situated in Artesia, New Mexico, Par Five owned and managed more than 14 cementing spreads servicing leading oil and gas producers in southeastern New Mexico. Notably, Par Five had recently finalized a substantial expansion of its bulk plant with state-of-the-art facilities strategically designed to accommodate heightened operational demands. Par Five distinguished itself by delivering efficient cementing services to its customers, underscoring its impressive track record of consistently executing high-quality operations.
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