Deal to sell Pioneer Pumping Services’ HHP, coiled tubing units and maintenance operations includes a long-term service contract to provide pressure pumping in the Permian Basin for up to a decade
Pioneer Natural Resources Company (stock ticker: PXD) said it is selling its pressure pumping assets--Pioneer Pumping Services--to Midland-based ProPetro Holding Corp. (stock ticker: PUMP), and in the process locking up dedicated Permian Basin pressure pumping capacity for up to the next ten years.

The total deal is valued at $400 million - as follows:

$110 million cash;
$290 million in the form of 16.6 million shares of PUMP common stock, representing approximately 17% ownership in ProPetro;
Deal values the pressure pumping assets ...


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