Seventy Seven Energy: How this recently closed $1.8B oil field services merger came about

Houston-based Patterson-UTI Energy Inc. (Nasdaq: PTEN) called its recent acquisition of Oklahoma City-based Seventy Seven Energy Inc. the most significant deal it has made since the original merger between Patterson and UTI. That's certainly true in terms of size - the transaction has a valuation at nearly $1.8 billion- but also in form, said Andy Hendricks Jr., Patterson-UTI's CEO and president. The deal expands the oil filed services company's footprint in drilling and pressure pumping, making...