NexTier is engaged in providing integrated well-completion and production services using sustainable practices and equipment, while Patterson-UTI provides oilfield solutions
NexTier, Patterson-UTI in talks to merger. (Credit: Jared Evans on Unsplash)
US-based oilfield services companies NexTier Oilfield Solutions and Patterson-UTI Energy are engaged in talks over a potential merger, reported The Wall Street Journal.
NexTier is a provider of integrated well-completion and production services using sustainable practices and equipment to support its customers’ ESG goals.
The company was created in 2019, through the merger of field exploration services company C&J Energy Services and integrated well completion services company Keane Group.
Its revenues more than doubled last year to $3.24bn, partly due to an increase in fracking activity and higher prices.
In 2021, NexTier acquired Alamo Pressure Pumping, which enhanced its Tier 4 pumping portfolio with dual-fuel horsepower and advanced its low-cost, low-carbon operating strategy.
Patterson-UTI is an oilfield solutions provider that was formed in 2001, through the combination of Patterson Energy and UTI Energy.
With expertise and scale in major operational areas, the company provides drilling and pressure pumping services, directional drilling, rental equipment and technology.
It is the second largest rig provider in contract drilling after Helmerich & Payne, which provides the most advanced and effective super-spec rigs.
The company generated total revenue of $2.7bn last year, which is almost double that of the previous year.
Patterson-UTI owns a fleet of fit-for-purpose land-based drilling rigs and significant pressure-pumping horsepower, along with directional drilling and wellbore placement services.