Did Keane Group Buy Rockpile Energy Services Llc

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Keane (FRAC) Inks Deal to Buy RockPile Energy for $284.5M

Integral well completion services provider Keane Grouping, Inc. FRAC recently announced that it has entered into an agreement to larn RockPile Energy Services, LLC for $284.5 million. Keane expects the deal to exist closed by Jul 31, bailiwick to regulatory approval.

Investors should know that Houston-based private disinterestedness business firm White Deer Free energy is the current owner of RockPile Free energy.

Denver-based RockPile Energy provides high-quality completion services to various upstream companies and primarily operates in the Bakken and Permian basins.

About the Deal

Keane is expected to pay $135 meg in cash and 8.7 million shares of its common stocks for the transaction. The bargain as well incorporates contingent consideration of up to $xx million in case Keane's stock price falls below $nineteen per unit.

The company had previously ordered hydraulic fracturing mechanism from RockPile Energy, for which $26.5 million volition be paid to the acquiree from Keane'southward capital letter expenditures. Keane volition reimburse $9 million in deposits at closing, which RockPile Free energy previously paid during building the hydraulic machinery.

How will Keane Benefit?

The buyout volition brand Keane i of the largest and extremely advanced pressure level pumping fleet owners in the land. The company's pressure pumping armada size will increment approximately 26% later the acquisition. Keane will have effectually i.2 meg hydraulic fracturing horsepower armada placed strategically beyond the about prolific shale basins in the U.Southward.

About the Company

Keane Group mainly focuses on complex and technically demanding completion solutions. The company's principal service offerings include horizontal and vertical fracturing, wireline perforation and logging and engineered solutions as well as other value-added service offerings. It is headquartered in Houston, TX.

Cost Functioning

Keane operates in the Zacks categorized Oil and Gas - U.s. - Integrated manufacture. The company'south shares accept gained ii.45% over the last one month compared with the broader sector'due south decrease of 2.72%.

Zacks Rank and Stocks to Consider

Keane before long has a Zacks Rank #3 (Agree). Some better-ranked stocks in oil and energy sector include SunCoke Free energy, Inc. SXC, Delek U.s.a. Holdings, Inc. DK and Canadian Natural Resources Express CNQ. All these stocks flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.

SunCoke Energy'south sales for the current quarter are expected to increase xviii.86% twelvemonth over year. The visitor had a positive earnings surprise of 120% in the first quarter of 2017.

Delek US Holdings' sales for the electric current yr are expected to increase 73.24% twelvemonth over year. The company recorded a positive boilerplate earnings surprise of lx.68% in the concluding four quarters.

Canadian Natural Resource' sales for the current quarter are expected to increase 24.11% twelvemonth over year. The company recorded a positive earnings surprise of 30.77% in the first quarter of 2017.

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Did Keane Group Buy Rockpile Energy Services Llc,

Source: https://finance.yahoo.com/news/keane-frac-inks-deal-buy-141002743.html

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