2023-08-14 11:55:17 ET
Patterson-UTI Energy ( NASDAQ: PTEN ) said in a new investor presentation Monday that it expects acquisitions of NexTier Oilfield Solutions ( NYSE: NEX ) and Ulterra Drilling Technologies would be accretive to earnings per share and free cash flow in 2024, with $200M in annual synergies and $2B of combined H1 2023 annualized adjusted EBITDA.
Patterson-UTI ( PTEN ) said the combined company would be the second largest pressure pumping company in the U.S., owning 3.3M hp, and nearly two-thirds of the combined company's fleet would be dual-fuel capable, reducing fuel costs and lowering emissions.
The company also said its combined annualized H1 2023 North American oilfield services revenues would rank second in the U.S. at $7.2B, behind only Halliburton's ( HAL ) $10.9B and slightly ahead of SLB's ( SLB ) $6.9B.
More on Patterson-UTI Energy:
- Financial and valuation comparison to sector peers
- Analysis: Patterson-UTI And NexTier Oilfield Merger: Which Stock's Investors Benefit More?
- Stock price return: Down 3.5% YTD, up 2.5% in the past 12 months
For further details see:
Patterson-UTI sees NexTier combination accretive to EPS, FCF in 2024