ProPetro Holding Corp. (NYSE:PUMP)
The oilfield services provider ProPetro Holding Corp. (NYSE:PUMP), with headquarters in Midland, Texas, has only recently announced the sale of its coiled tubing assets. The business announced that it had transferred the assets’ ownership to a STEP Energy Services Ltd subsidiary. These assets were utilized in providing services such as frac plug mill-out, wellbore clean-out, tubing-conveyed perforating, and nitrogen pumping.
For the transaction valued at about $17.2 million, ProPetro Holding Corp. (NYSE:PUMP) opted to receive compensation in the form of cash as well as shares of STEP. This choice was made because PUMP is confident in STEP’s capacity to expand the business and produce shareholder value.
Sam Sledge, the Chief Executive Officer of ProPetro Holding Corp. (NYSE:PUMP), stated that the transaction was beneficial for the firm and all of its stakeholders. He explained that “our aim was to streamline our portfolio while placing the assets and excellent team of the Coiled Tubing company for even greater success.” The CEO said that PUMP would continue to manage its asset portfolio to ensure that the firm has the optimal combination of products and services to provide for its clients and produce value for its shareholders.
According to STEP Energy, purchasing assets from ProPetro Holding Corp. (NYSE:PUMP) confirms its position as the leading provider of deep-capacity coiled tubing services in North America. STEP Energy has expertise in the Permian Basin and other oil and gas producing locations in the southern United States.
ProPetro Holding Corp. (NYSE:PUMP) is a provider of oilfield services that has been in business since 2005. Their primary area of operation is the Permian Basin, located in west Texas and New Mexico. The firm provides a comprehensive range of specialized services and equipment designed to work in tandem with one another to facilitate the exploration and production of oil and natural gas. The Permian Basin accounts for about 99.9% of the total revenues generated by ProPetro.
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