Welcome to our dedicated page for NexTier Oilfield Solutions news (Ticker: NEX), a resource for investors and traders seeking the latest updates and insights on NexTier Oilfield Solutions stock.
NexTier Oilfield Solutions Inc. (NYSE: NEX) is a leading U.S. land oilfield services company headquartered in Houston, Texas. With a comprehensive suite of well completion and production services, NexTier serves active and demanding basins across the country. NexTier distinguishes itself through its commitment to safety performance, efficiency, partnership, and innovation.
The company's integrated solutions approach enhances operational efficiency while driving down costs. NexTier has achieved remarkable milestones, such as record-breaking completion efficiency and significant emissions reductions in collaboration with Surge Energy. This partnership led to a company record of 2,733 completed lateral feet per day in Q2 2023.
On June 15, 2023, NexTier announced a definitive merger agreement with Patterson-UTI Energy, Inc. (NASDAQ: PTEN) to form an industry-leading drilling and completions services provider with an enterprise value of approximately $5.4 billion. The merger aims to create a comprehensive portfolio of oilfield services, leveraging strong free cash flow to enhance shareholder returns.
As of Q2 2023, NexTier reported revenues of $945.1 million, a net income of $150.1 million, and an adjusted EBITDA of $233.9 million. The company's ongoing financial strength is evident, with a total available liquidity of $721.5 million and a target of zero net debt by the end of Q3 2023.
NexTier's forward-looking strategy includes technological advancements and sustainability initiatives. The company is focused on reducing emissions through the use of natural gas-powered frac fleets and extensive recycling of produced water, demonstrating its commitment to ESG principles.
For investors and stakeholders, NexTier continues to provide transparent communication and updates. The company regularly holds conference calls and webcasts to discuss its financial results and strategic direction, ensuring that stakeholders are well-informed about the latest developments.
NexTier Oilfield Solutions reported robust financial results for Q1 2023, with total revenue of $935.7 million, marking a 7% increase from Q4 2022. The net income surged to $254 million, or $1.07 per diluted share, boosted by a non-cash tax benefit of $107.4 million. Adjusted net income rose to $156.4 million, or $0.66 per diluted share. The company repurchased 5.9 million shares for $53.4 million in Q1 2023, totaling 17.4 million shares since the repurchase program began. Management expects continued revenue growth and strong demand for services in oil basins, forecasting a free cash flow of approximately $500 million for the year.
NexTier Oilfield Solutions announced plans to release its first quarter 2023 financial results on April 25, 2023, after market close. A conference call will follow on April 26, 2023, at 10:00 a.m. CT, hosted by CEO Robert Drummond and CFO Kenneth Pucheu. Investors can access the call via a live webcast or by phone. A replay will be available until May 3, 2023. The company emphasizes its commitment to innovation and efficiency as a leading U.S. land oilfield service provider.
NexTier Oilfield Solutions reported strong financial results for Q4 and full year 2022. Full year revenue reached $3.24 billion, up 128% year-over-year, with net income of $315 million ($1.26 per diluted share), compared to a net loss in 2021. In Q4, revenue was $870.9 million, down 3% sequentially, but net income increased to $133 million ($0.54 per diluted share). The company repurchased 11.5 million shares for $113 million in Q4 2022. Looking ahead, NexTier expects a revenue increase of at least 6% in Q1 2023 and aims for over $500 million in free cash flow for the year.
FAQ
What is the market cap of NexTier Oilfield Solutions (NEX)?
What is NexTier Oilfield Solutions Inc.?
Where is NexTier headquartered?
What recent achievements has NexTier accomplished?
Has NexTier announced any major mergers recently?
What was NexTier’s revenue for Q2 2023?
What is NexTier’s financial outlook?
How does NexTier address sustainability?
Who are the key executives in the NexTier and Patterson-UTI merger?
What services does NexTier offer?
How can I access NexTier’s investor calls and updates?
