NexTier Oilfield sees Q1 revenue up at least 6% sequentially

The company said, "Customer demand remains strong and we have had an encouraging start to the year, with limited impact from startup inefficiencies after the holiday break. Winter weather will have an impact on our Q1 results, although the expected impact is included in the guidance. Consistent with prior guidance, our 2023 capital expenditure budget remains $350M, in line with our 8%-9% of revenue commitment, with spending weighted towards the first half of the year. We expect to generate at least $500M of free cash flow in 2023." Robert Drummond, President and CEO, concluded, "Frac fundamentals are as strong as they have been in many years. The world is looking to limit the societal impacts of energy and commodity inflation, and doing so will require an increase in oil and gas production even as the world builds out new energy solutions. US shale will undoubtedly play a critical role in solving the world’s long-term energy needs. In order for US shale to maintain its competitiveness, the oilfield services sector will need to invest responsibly to attract capital and drive the next leg of efficiency. The next phase in shale’s development will require a strong and profitable OFS sector, and NexTier is prepared to do our part to help the industry responsibly move forward."