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 (NYSE: NEX) has announced the expansion of its Board of Directors from ten to eleven members with the appointment of Leslie Beyer as an independent director, effective February 10, 2023. Beyer, the CEO of the Energy Workforce & Technology Council since 2014, brings over 15 years of experience in public affairs and advocacy within the energy sector. Her appointment is expected to enhance the Board's capabilities in navigating regulatory challenges and promoting ESG best practices. Chairman Patrick Murray and CEO Robert Drummond expressed optimism regarding her wealth of experience and leadership.
NexTier Oilfield Solutions will participate in the Goldman Sachs Global Energy and Clean Technology Conference on January 5, 2023. President and CEO Robert Drummond and EVP and CFO Kenny Pucheu will represent the company. Drummond is set to join a panel discussion at 9:20 AM CT (10:20 AM ET) on the same day. Interested parties can access the webcast via the company’s investor relations page. NexTier is a leading U.S. oilfield service company, known for its commitment to safety, efficiency, and innovation services across various basins.
NexTier Oilfield Solutions (NYSE: NEX) is set to release its fourth quarter 2022 financial results on February 15, 2023, after market close. A conference call will follow at 10:00 a.m. CT on February 16, 2023, 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 February 23, 2023. NexTier is recognized for its safety performance and efficiency in the oilfield service industry.
NexTier Oilfield Solutions Inc. (NYSE: NEX) has released its 2021 Corporate Responsibility Report, highlighting its commitment to environmental, social, and governance (ESG) practices. The report details efforts to enhance sustainability through reduced fuel consumption and emissions. CEO Robert Drummond expressed pride in the company's initiatives aimed at benefiting shareholders, customers, employees, and communities. The report is accessible via the company's website, reinforcing NexTier's dedication to responsible operations and innovation in the oilfield service industry.
NexTier Oilfield Solutions reported strong third quarter 2022 results, showing a sequential revenue increase of 6% to $896 million and a 128% year-over-year rise. Net income surged to $104.7 million ($0.42 per share) from $68.5 million in Q2. Adjusted EBITDA rose to $194.8 million, reflecting improved pricing and efficiency. A $250 million shareholder return program was announced, showcasing commitment to returning capital. However, a fire incident impacted results by $5-6 million. Total liquidity stood at $621.7 million, with plans for disciplined capital allocation and future growth opportunities.
NexTier Oilfield Solutions (NYSE: NEX) announced its third-quarter 2022 financial results will be released after market close on October 25, 2022. A conference call to discuss these results will take place on October 26, 2022, at 10:00 a.m. CT. Interested parties can access the call via a live webcast or by phone. Details for international callers are also provided. NexTier, based in Houston, Texas, is a leading land oilfield service company, focusing on efficient and innovative well completion and production services.
NexTier Oilfield Solutions (NYSE: NEX) and Seneca Resources (NYSE: NFG) revealed plans for deploying an electric Emerald™ fracturing system in early 2023. This multi-year agreement aims to optimize fracturing operations by lowering emissions and fuel costs. Utilizing natural gas for power generation, the Emerald system promises efficient performance with a reduced equipment footprint. Both companies emphasize the initiative's alignment with long-term sustainability goals and efficient operations.
NexTier Oilfield Solutions (NEX) has completed an acquisition of assets from Continental Intermodal Group for approximately $27 million in cash and 500,000 shares of common stock. This acquisition includes the SANDSTORM® Wellsite Storage Technology, enhancing NexTier's last mile logistics capabilities. Additionally, on August 1, 2022, NexTier finalized the divestiture of its Coiled Tubing business for $22 million. The integration of these assets will be branded as NexMile Logistics, positioning NexTier as a leader in wellsite delivery and storage.
NexTier Oilfield Solutions reported strong Q2 2022 results with total revenue of $842.9 million, marking a 33% sequential increase and 189% year-over-year growth. Net income rose to $68.5 million ($0.27 per diluted share), up from $8.8 million in Q1 2022, while adjusted net income reached $98.5 million ($0.39 per diluted share). The company achieved an adjusted EBITDA of $165.9 million, doubling sequentially. Free cash flow was reported at $67.4 million. The outlook remains positive, anticipating continued revenue growth and strong profitability through 2022.
NexTier Oilfield Solutions Inc. (NEX) will release its second quarter 2022 financial results after market close on July 26, 2022. A conference call will follow on July 27, 2022, at 9:00 a.m. Central Time, hosted by CEO Robert Drummond and CFO Kenneth Pucheu. The call can be accessed via a live webcast or telephone. A replay will be available until August 3, 2022. NexTier focuses on providing well completion and production services, emphasizing safety, efficiency, and innovation in the energy sector.
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