Houston-based Patterson-UTI said July 6 it has agreed to acquire San Antonio-based Pioneer Energy Services for about $295 million in stock and cash, which includes retirement of all debt of Pioneer. Transaction between the two Permian Basin operators is expected to close in 2021Q4. Patterson-UTI will add 16 super-spec drilling rigs from Pioneer to its current U.S. fleet of 150 super-spec rigs. Patterson, second largest drilling contractor in U.S., said the deal enhances its focus on reducing emissions with additional rigs capable of using natural gas as primary fuel source. Pioneer’s 123 well service rigs will be divested by Patterson.