Patterson-UTI, NexTier Oilfield Solutions complete merger

Patterson-UTI Energy announced the completion of its previously announced all-stock merger with NexTier Oilfield Solution, 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. 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. 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 $200M 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.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 A. Beyer; Tiffany Thom Cepak; Gary M. Halverson; Cesar Jaime; Janeen S. Judah; Amy H. Nelson; Julie J. Robertson; James C. Stewart.