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 oil-field 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 both 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 facility in Pecos, Texas, that serves the Delaware basin. It also has a presence in the Mid-Continent, the Rocky Mountains and the Northeast.
“The 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,” C&J CEO Don Gawick said.
C&J Energy Services provides well construction, completion and support and other complimentary oil-field services to oil and gas exploration and production companies.
