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ProPetro closes acquisition of Pioneer fracking assets
ProPetro Holding completed its acquisition of the pressure pumping assets of Pioneer Natural Resources, adding eight frac fleets with 510,000 hhp and three coiled-tubing units for $400 million in cash and stock. ProPetro will also provide pressure pumping and related services to Pioneer for up to 10 years. “This transformative transaction creates the largest pressure pumper in the Permian Basin without adding incremental fleets to the overall market,” ProPetro co-founder and CEO Dale Redman......
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