Patterson-UTI and NexTier merge to create $5.4B oilfield services giant.
Patterson-UTI Energy and NexTier Oilfield Solutions have agreed to merge in an all-stock deal to create a $5.4 billion oilfield services firm. The merger brings together Patterson-UTI's land drilling business and NexTier's well completion operations, making it the largest pressure pumper by capacity in North America. The deal is expected to generate annual cost savings and synergies of about $200 million within 18 months of close. Upon the deal's closing, expected in the fourth quarter of 2023, Patterson-UTI shareholders will own about 55% and NexTier shareholders will own approximately 45% of the combined company on a fully diluted basis.