Patterson-UTI Energy and NexTier Oilfield Solutions Complete Merger

About this update from Patterson-uti Energy, Inc.

[{"type":"text","content":"HOUSTON, TX / ACCESSWIRE / September 1, 2023 / Patterson-UTI Energy, Inc. (NASDAQ:PTEN) (\"Patterson-UTI\") today announced the completion of its previously announced all-stock merger with NexTier Oilfield Solutions Inc. (\"NexTier\"), creating a leading provider of drilling and completions services in the United States. The combined company will retain the name Patterson-UTI Energy, Inc., continue trading under the ticker symbol PTEN and maintain its headquarters in Houston, Texas.Patterson-UTI prides itself on its best-in-class operational and technology portfolio bolstered by what we 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.Andy Hendricks, President and Chief Executive Officer of Patterson-UTI, said, \"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.\"Our strategic positioning sets the stage for enhanced shareholder value. The transaction is expected be accretive to both earnings per share and free cash flow in 2024. The Company expects to realize annual cost savings and operational synergies of approximately $200 million within 18 months following the merger closing. Patterson-UTI intends to target high free cash flow conversion, remain good stewards of capital and continue its practice of targeting a return of 50% of free cash flow to shareholders.Leadership TeamThe combined company's proven management team reflects the strengths and capabilities of both organizations and includes:Andy Hendricks, President and Chief Executive OfficerAndy Smith, Executive Vice President and Chief Financial OfficerMike...

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