Business Services Industry
Snyder, Texas-Based Drilling Company to Acquire Houston Firm.
Knight Ridder/Tribune Business News, February, 2001
By Rick Robinson, The Daily Oklahoman Knight Ridder/Tribune Business News
Feb. 14--Drilling companies in the United States continue to consolidate like the production companies that hire them, as the energy industry scrambles to respond to the energy boom, to keep Wall Street happy and to get more efficient in preparation for the next bust period.
Last week, Patterson Energy Inc. -- parent of No. 2 domestic land-based drilling company Patterson Drilling Co. -- announced it was buying No. 3 UTI Energy Corp. of Houston. The $1.3 billion deal gives UTI shareholders one Patterson common share for each UTI share.
If the deal clears regulatory hurdles as expected, Snyder, Texas-based Patterson will be much more competitive with Houston-based Nabors...
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