Basic Energy Services completed the acquisition of C&J Well Services from NexTier for $94m.

Basic Energy Services, a provider of wellsite services essential to maintaining production from the oil and gas wells within its operating areas, completed the acquisition of C&J Well Services, the production operations of NexTier, a provider of oilfield solutions, for $94m. Basic funded the acquisition through a combination of $59m and bridge financing of $15m committed by Ascribe Capital. “This transaction solidifies Basic’s foundation to become the leading and most trusted production services provider in the country. With an expanded customer base in active basins, achievable synergies and an enhanced cash flow and credit profile, Basic will be well positioned to increase stockholder value. In addition, by combining these businesses, we believe we will leverage our premier assets and geographic positions to efficiently manage through market cycles. Importantly, we expect our increased operating scale, enhanced credit metrics and strong cash flow generation will enable the company to continue to de-lever while remaining a disciplined but active participant in the ongoing consolidation occurring in our industry,” Keith L. Schilling, Basic President and Chief Executive Officer.