Midland-based ProPetro Holding said recently it acquired assets and business operations of Artesia, N.M.-based Par Five Energy Services. Par Five specializes in cementing services in Delaware Basin, and its business complements ProPetro’s existing cementing business in Midland Basin. Sam Sledge, CEO of ProPetro, said Dec. 4, “The transaction is … highly complementary to our current cementing operations … and will allow us to serve both the Midland and Delaware basins.”
Par Five was established in 2011 and owns and manages 14 cementing spreads servicing leading oil and gas producers in southeast New Mexico. ProPetro provides completion services to leading upstream oil and gas companies in North America.