ProPetro Reports Acquisition Of Assets And Business Operations Of Par Five Energy Services LLC, Specializing In Cementing Services In The Delaware Basin; No Terms Disclosed
Portfolio Pulse from Benzinga Newsdesk
ProPetro has acquired the assets and business operations of Par Five Energy Services LLC, which specializes in cementing services in the Delaware Basin. The terms of the acquisition were not disclosed. The acquired business will be integrated with ProPetro's existing cementing team and brand. ProPetro's management expects the acquisition to increase its 2024 Adjusted EBITDA by about $10 million and convert 80-90% of that EBITDA into free cash flow.
December 04, 2023 | 12:10 pm
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ProPetro's acquisition of Par Five Energy Services is expected to enhance its cementing services and increase its 2024 Adjusted EBITDA by approximately $10 million, with a high conversion rate to free cash flow.
The acquisition of Par Five Energy Services by ProPetro is likely to be viewed positively by investors due to the anticipated increase in Adjusted EBITDA and the high conversion rate to free cash flow. This strategic move can enhance ProPetro's service offerings and financial performance, which may lead to a short-term positive impact on the stock price of PUMP.
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