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Acquisition | 9 Months Ended
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Sep. 30, 2021
Business Combinations [Abstract] |
Acquisition | 2. Acquisition On October 1, 2021, we completed the acquisition of Pioneer Energy Services Corp. ("Pioneer"). Total consideration for the acquisition included the issuance of approximately 26.3 million shares of our common stock and payment of $30 million cash, which based on the closing price of $9.44 on October 1, 2021, valued the transaction at approximately $278 million, including the retirement of all Pioneer’s debt. In connection with the closing, Pioneer’s senior notes were repaid with cash and a portion of the shares of Patterson-UTI common stock issued in the acquisition. Pioneer shareholders received 1.8692 shares of Patterson-UTI common stock for each share of Pioneer common stock. Pioneer provided land-based contract drilling services and production services to a diverse group of oil and gas exploration and production companies in the United States and internationally in Colombia. Through the Pioneer acquisition, we acquired Pioneer’s 100% pad-capable drilling rig fleet, with 17 AC rigs in the United States and eight SCR rigs in Colombia, and production services assets consisting of 123 well servicing rigs and 72 wireline services units. We believe the acquisition of Pioneer enhances our position as a leading provider of contract drilling services in the United States and expands our geographic footprint into Latin America. We are in the process of determining the fair values of the assets acquired and liabilities assumed, and the results of operations for these acquired businesses will be included in our consolidated results of operations beginning in the quarter ending December 31, 2021.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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