Company buys Nabors fracking unit #Eagleford #Permian

A Houston-based oilfield services company is absorbing the completion and production arm of Nabors Industries in a $2.86 billion cash and stock deal expected to create another giant hydraulic fracturing provider at a time when demand soars for such services in places like the Permian Basin.The Houston-based company, C&J Energy Services, already operates in the Permian Basin and internationally, but with far fewer facilities than Nabors, according to a map provided to investors that did not offer specific figures.Today, major service companies include Schlumberger Limited, Weatherford International and Halliburton, among more locally focused companies such as ProPetro Services and CUDD Energy Services. All have announced plans for Permian Basin expansion.C&J Energy’s combining with Nabors will create the largest fluid management fleet in the country, and the second-largest workover and well-servicing fleet, according to company statements.“We believe these service lines will become more crucial to many of our customers, particularly in the Eagle Ford and Permian Basin, where we expect an increasing number of wells requiring completion,” C&J Founder and CEO John Comstock told investors when the deal was first announced in June.

via Company buys Nabors fracking unit |

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