Basic Energy Services Acquires Well Services Business From NexTier to Create Leading Well Servicing Provider in the U.S.
NexTier Oilfield Solutions Inc. (NEX)
Last nextier oilfield solutions inc. earnings: 3/10 05:03 pm
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Source: Business Wire
Transformative Transaction Expands Basic’s Customer Base and Footprint in Key Oil BasinsPro Forma Adjusted EBITDA of Approximately $102 Million in 2019Delivers Significant Free Cash Flow and an Enhanced Credit ProfileExpects to Achieve $17 Million in Annual Run-Rate Cost SynergiesBasic to Host Conference Call Today at 10:30 A.M. ET / 9:30 A.M. CT FORT WORTH, Texas--(BUSINESS WIRE)--Basic Energy Services, Inc. (OTCQX:BASX) (“Basic” or the “Company”) today announced that it has acquired the production operations from NexTier (NYSE:NEX) for a consideration of approximately $94 million.The NexTier production operations, known as C&J Well Services, originally established in San Angelo, Texas, in 1948 by Frank Pool, founder of Pool Well Servicing, is the third largest rig servicing provider in the U.S. C&J Well Services has a leading footprint in California and comes with a blue-chip customer base. C&J Well Services’ safety track record is unmatched and achieved through a multi-faceted a
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