ProPetro acquires Par Five Energy Services; expects $10M EBITDA boost in 2024

ProPetro Holding Corp.

Acquired assets and operations of Par Five Energy Services, a Delaware Basin cementing provider.
Deal expected to increase 2024 Adjusted EBITDA by ~$10M with 80-90% conversion to free cash flow.
Combines with existing Midland Basin cementing business to form comprehensive Permian cementing service.
CEO Sam Sledge cites accretive growth and free cash flow generation as strategic rationale.
No purchase price disclosed; transaction closed as of December 4, 2023.

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