HOUSTON, Nov. 30, 2017 /PRNewswire/ — C&J Energy Services, Inc. (“C&J”) (NYSE: CJ) announced today that it has completed its acquisition of all of the outstanding equity interests of O-Tex Holdings, Inc. and its operating subsidiaries, including O-Tex Pumping, L.L.C. (collectively, “O-Tex”), in a cash and stock transaction. The total consideration paid by C&J consisted of approximately $132.5 million in cash (subject to certain customary post-closing purchase price adjustments) and 4.42 million shares of C&J’s common stock. The cash component of the purchase price was funded with cash on hand.
Founded in 2007, O-Tex is the fourth largest provider of oilfield cementing services in the U.S. based on internal data and industry sources. O-Tex specializes in both primary and secondary downhole specialty cementing services in most major U.S. shale plays with eight field offices, eight lab facilities and one of the youngest fleets in the industry.
C&J’s President and Chief Executive Officer, Don Gawick, stated, “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. We are excited to accelerate the growth of our well construction and intervention services business in the Lower 48 and continue to deliver the highest quality service to our customers safely, efficiently and with operational excellence.”
About C&J Energy Services
C&J Energy Services is a leading provider of well construction and intervention, well completion, well support and other complementary oilfield services to oil and gas exploration and production companies. We offer a comprehensive suite of services throughout the life cycle of the well, including fracturing, cased-hole wireline and pumping, cementing, coiled tubing, directional drilling, rig services, fluids management, artificial lift and other well support services. We are headquartered in Houston, Texas and operate across all active onshore basins of the continental United States. For additional information, please visit www.cjenergy.com.
C&J Energy Services Investor Contact
Daniel E. Jenkins
Vice President – Investor Relations
Forward-Looking Statements and Cautionary Statements
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