Patterson-UTI Energy and NexTier Oilfield Solutions Complete $5.4 Billion Merger
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Patterson-UTI Energy has completed the all-stock merger with NexTier Oilfield Solutions, creating a leading provider of drilling and completions services in the United States. The combined company will retain the name Patterson-UTI Energy and maintain its headquarters in Houston, Texas.
Patterson-UTI prides itself on its best-in-class operational and technology portfolio bolstered by what they believe to be the most comprehensive set of drilling and completions operational data in the United States. The company’s U.S. contract drilling business has 172 super-spec drilling rigs and its U.S. well completions business, which will operate under the NexTier completions brand, has 3.3 million hydraulic fracturing horsepower.
“We are excited to complete the merger of Patterson-UTI and NexTier, establishing us as a leading, technology-driven drilling and well completions business. The company is well positioned to deliver value through our comprehensive portfolio, innovative offerings, significant free cash flow generation, and strong financial position. With an outstanding combined team and collective track record of integrations, we are confident we will hit the ground running and successfully bring the businesses together. We look forward to welcoming our NexTier colleagues and starting this new chapter together,” said Andy Hendricks, president and chief executive officer of Patterson-UTI.
Leadership Team
The combined company’s proven management team reflects the strengths and capabilities of both organizations and includes:
• Andy Hendricks, President and Chief Executive Officer
• Andy Smith, Executive Vice President and Chief Financial Officer
• Mike Holcomb, Executive Vice President and Chief Business Officer
• Matt Gillard, President of NexTier Completion Solutions
• Ken Berns, Executive Vice President and Chief Commercial Officer
• Seth Wexler, Senior Vice President, General Counsel and Secretary
• Kenny Pucheu, Chief Integration Officer
Board of Directors
Patterson-UTI’s board includes the following 11 members, six of whom are from the Patterson-UTI board and five of whom are from the NexTier board:
• Curtis Huff, Chairman
• Robert Drummond, Vice Chairman
• Andy Hendricks
• Leslie Beyer
• Tiffany (TJ) Thom Cepak
• Gary Halverson
• Cesar Jaime
• Janeen Judah
• Amy Nelson
• Julie Robertson
• James Stewart
Patterson-UTI Energy is a leading provider of drilling and completion services to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling services, integrated well completion services and directional drilling services in the United States, and specialized bit solutions in the United States, Middle East, and many other regions around the world.
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