M&A Deal Summary

Patterson-UTI Acquires NexTier Oilfield Solutions

On June 15, 2023, Patterson-UTI acquired oil/gas exploration company NexTier Oilfield Solutions

Acquisition Highlights
  • This is Patterson-UTI’s 6th transaction in the Oil/Gas Exploration sector.
  • This is Patterson-UTI’s 9th transaction in the United States.
  • This is Patterson-UTI’s 7th transaction in Texas.

M&A Deal Summary
Date 2023-06-15
Target NexTier Oilfield Solutions
Sector Oil/Gas Exploration
Buyer(s) Patterson-UTI
Deal Type Merger
Advisor(s) Moelis & Co. (Financial)
Kirkland & Ellis (Legal)

Target

NexTier Oilfield Solutions

Houston, Texas, United States
NexTier Oilfield Solutions is a provider of integrated completions focused on US land. The company delivers safe, efficient and innovative services that enable customers to win by accelerating production while generating leading returns. Its principal service offerings include horizontal and vertical fracturing, wireline perforation and logging, and engineered solutions. NexTier Oilfield Solutions was founded in 1973 and is based in Houston, Texas.

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Buyer(S) 1

Buyer

Patterson-UTI

Houston, Texas, United States
Category Company
Founded 1978
Sector Oil/Gas Exploration
Employees3,000
Revenue 4.1B USD (2023)
DESCRIPTION

Patterson-UTI provide onshore contract drilling and pressure pumping services, operate land-based drilling rigs in oil and natural gas producing regions to exploration and production companies in North America. Patterson-UTI was founded in 1978 and is based in Houston, Texas.

DEAL STATS #
Overall 10 of 10
Sector (Oil/Gas Exploration) 6 of 6
Type (Merger) 2 of 2
State (Texas) 7 of 7
Country (United States) 9 of 9
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-08 Criterion Energy Partners

Houston, Texas, United States

Criterion Energy Partners is a geothermal energy company that plans to develop distributed energy projects to help customers reduce emissions and improve operating efficiency using heat from the earth. The company's mission is to create a more sustainable future by making geothermal energy projects commercially viable everywhere. Key to its strategic advantage are Criterion Energy Partners' team of managers, associates, and advisors with extensive experience in Business Development, Finance, Legal, Drilling & Completions, Subsurface Engineering, Geology, Geophysics, and Data Science. Criterion Energy Partners touts value creation through its business model and tangible measurements, including (i) Emissions reductions, (ii) Power reliability, (iii) Long term cost stability, and (iv) Weather resiliency. Criterion Energy Partners was formed in 2021 and is based in Houston, Texas.

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