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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 Inc. (NYSE: NEX) announced that its low-cost, low-carbon innovations will feature on the September 26, 2021 episode of 'EARTH with John Holden,' airing on Fox Business Network and Bloomberg TV. CEO Robert Drummond and EVP Kevin McDonald will discuss NexTier's strategy to reduce emissions in oil and gas well completions and how reliable energy production enhances global quality of life. The segment will air in the U.S. at 3:30 p.m. ET on Bloomberg TV and 5 p.m. ET on Fox Business Network.
NexTier Oilfield Solutions (NYSE: NEX) has successfully completed the acquisition of Alamo Pressure Pumping, enhancing its role as a key player in low-carbon well completion solutions within the Permian Basin. President Robert Drummond stated that this acquisition is expected to bolster their low-cost, low-carbon strategy and strengthen market leadership in next-generation technologies. The integration with Alamo aims to improve service quality and deliver significant value to shareholders and customers.
NexTier Oilfield Solutions Inc. (NYSE: NEX) announced the launch of its IntelliStim fracturing optimization system, successfully completing its first project with a major operator in the Mid-Continent. This proprietary system integrates NexHub® digital technologies, enabling real-time monitoring and detailed downhole visualizations for enhanced completion operations. Partnering with Silixa, the system utilizes advanced fiber-optic sensing to optimize fracture design and performance, aiming to reduce costs and improve efficiency for oilfield operators.
NexTier Oilfield Solutions reported second quarter 2021 results, showcasing a revenue of $292.1 million, a 28% increase from Q1 2021. The company recorded a net loss of $31.8 million, an improvement from $54.5 million the previous quarter. EBITDA rose to $15.2 million, marking an $18.8 million increase. NexTier aims for Q3 2021 revenue to exceed $390 million, driven by fleet activation and the acquisition of Alamo Pressure Pumping. Total liquidity stood at $372 million with no debt maturities until 2025.
NexTier Oilfield Solutions (NYSE: NEX) announced the acquisition of Alamo Pressure Pumping for approximately $268 million, expected to close by August 31, 2021. This strategic move consolidates two leading providers of low-carbon well completion solutions in the Permian Basin, adding 9 hydraulic fracturing fleets and enhancing NexTier's position in CAT Tier IV Dual Fuel technology. The transaction is projected to yield $10 million in annualized cost synergies within six months, supporting NexTier's path to positive cash flow generation.
NexTier Oilfield Solutions (NYSE: NEX) has launched its Power Solutions division, aimed at providing natural gas fueling services to fleets in the Permian Basin. This initiative integrates compressed natural gas (CNG) technologies with existing services, significantly reducing fuel costs and emissions. Operations have begun with an 80% diesel displacement rate in its ESG Platinum frac fleet. A strategic partnership with EagleClaw Midstream ensures a reliable natural gas supply, enhancing operational efficiency and sustainability in the oil and gas sector.
NexTier Oilfield Solutions Inc. (NYSE: NEX) will release its Q2 2021 financial results on August 4, 2021, post-market. A conference call will follow on August 5, 2021, at 7:30 a.m. CT, featuring 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 August 12, 2021. NexTier offers comprehensive oilfield services and emphasizes safety, efficiency, innovation, and partnerships.
NexTier Oilfield Solutions Inc. (NYSE: NEX) announced a successful field test of its NOV Ideal eFrac pump powered by natural gas reciprocating engines in West Texas. The engine outputs 2.5 MW at 13.8 kV and supports leading emissions reductions, with minimal maintenance needs. This scalable solution is set to power NexTier's first eFrac fleet, expected for deployment in H1 2022. The collaboration with Caterpillar emphasizes a commitment to low-carbon solutions in the oil and gas sector, enhancing operational efficiency and mobility in well completions.
NexTier Oilfield Solutions reported Q1 2021 results with total revenues of $228.4 million, up 6% from Q4 2020. Fracturing and integrated wireline revenue reached $189.0 million, a 2% increase.
Despite a net loss of $54.5 million, improved cash position was noted with $271.6 million in cash and $353.0 million total liquidity. Adjusted EBITDA decreased to $0.7 million, with an expected revenue growth of at least 25% in Q2 2021. The company remains focused on low-emission technologies and plans to exit 2021 with double-digit Adjusted EBITDA margins.
NexTier Oilfield Solutions Inc. (NYSE: NEX) has scheduled its first quarter 2021 financial results release for May 4, 2021, post-market close. Following this, a conference call will take place at 7:30 a.m. CT on May 5, 2021, hosted by President Robert Drummond and CFO Kenneth Pucheu. Investors can join the call via a live webcast on their website or by phone. A replay will be available until May 12, 2021. NexTier focuses on innovative oilfield services, enhancing safety, efficiency, and customer partnerships.
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