C&J Energy Buys O-Tex to Expand Oil Field Services
Oil field services provider C&J Energy Services completed its acquisition of O-Tex Holdings, a provider of cementing services in West Texas.
Under the terms of the stock and equity transaction, Houston-based C&J acquired O-Tex for $132.5 million in cash and 4.42 million shares of C&J common stock.
O-Tex provides primary and secondary downhole cementing services in major U.S. shale plays. Along with its vehicle fleet, O-Tex has eight field offices, eight lab facilities and a complex in Pecos, Texas, that serves the Delaware basin. It also has a presence in the midcontinent, the Rocky Mountains and the Northeast.
Acquisition finalized! We welcome O-Tex Pumping to the C&J family!
鈥� C&J Energy Services (@cjenergy)
鈥淭he completion of this acquisition immediately transforms our cementing business into one of the largest and most competitive in the U.S. as we join efforts with O-Tex and their successful team,鈥� said Don Gawick, CEO of C&J.
C&J Energy Services provides well construction, completion and support, and complementary services to oil and gas exploration and production companies.
C&J operates 3,196 tractors, 3,767 trailers and 766 straight trucks. It ranks No. 10 on the Transport Topics Top 100 list of the largest private carriers in North America.