New company has increased scale and density across services and geographies with a prominent presence in the most active US Basins
Image: C&J Energy and Keane complete merger of equals. Photo: Courtesy of skeeze from Pixabay.
NexTier Oilfield Solutions (NYSE: NEX) (“NexTier” or the “Company”) today announced the successful completion of the merger between C&J Energy Services, Inc. (“C&J”) and Keane Group, Inc. (“Keane”), creating a new leading well completion and production services company. The combined company’s common stock will trade on the New York Stock Exchange under the ticker symbol “NEX” at the open of business on October 31, 2019.
The NexTier brand reflects the Company’s mission to consistently outperform in service delivery and returns, enabling customers to win by safely unlocking affordable, reliable and plentiful sources of oil and natural gas. The NexTier brand also embodies the Company’s key differentiators of safety, partnership, efficiency and innovation.
“Today marks an important milestone as we establish NexTier, an industry-leading U.S. land diversified oilfield services provider,” said Robert Drummond, President and Chief Executive Officer of NexTier. “Through this landmark combination, we have united two quality platforms and talented workforces who share a common commitment to safety, efficient operations, partnership with top-tier customers, and technological innovation. We are well positioned to provide market leading service to our expanded customer base in the most active U.S. basins, while continuing to invest in next-generation technologies that will enable the company to provide further differentiated products and services for customers. I am proud to lead our talented team as we begin our journey as NexTier.”
In accordance with the terms of the merger agreement, C&J shareholders will receive 1.6149 shares of Keane common stock for each share of C&J common stock owned in a tax-free share exchange. The merger agreement provides that Keane and C&J shareholders will, in the aggregate, each own approximately 50 percent of the equity of the combined company on a fully diluted basis.
Source: Company Press Release