2023-06-12 19:53:08 ET
NexTier Oilfield Solutions ( NYSE: NEX ) +9.5% post-market and Patterson-UTI Energy ( NASDAQ: PTEN ) +15.9% after The Wall Street Journal reported late Monday that the two oilfield services companies are holding talks over a possible merger.
NexTier ( NEX ), which was created out of a 2019 merger between C&J Energy Services and Keane Group, provides well-completion and production services; its revenues more than doubled in 2022 to $3.24B, due in part to an increase in fracking activity and higher prices.
Patterson-UTI ( PTEN ) is the second largest rig provider in contract drilling after Helmerich & Payne, providing mostly super-spec rigs, the most advanced and efficient on the market; the company's 2022 revenues totaled $2.7B, roughly double the previous year.
More on NexTier Oilfield Solutions:
- Financial and valuation comparison to sector peers
- Analysis: NexTier Oilfield Solutions: Another Value Proposition In The Discounted Pressure Pumping Segment
- Stock price return: Down 3% YTD, down 19.5% in the past 12 months
For further details see:
NexTier Oilfield, Patterson-UTI Energy in merger talks - WSJ