Patterson-UTI Energy completed the merger with NexTier in a $2.43bn deal.

Patterson-UTI Energy, a land drilling and pressure pumping services provider, completed the merger with NexTier, an oilfield service company, in a $2.43bn deal. Under the terms of the agreement, Patterson-UTI shareholders own approximately 55% and NexTier shareholders own approximately 45% of the combined company, which is valued at $5.4bn. "We are excited to complete the merger of Patterson-UTI and NexTier, establishing us as a leading, technology-driven drilling and well completions business. The Company is well positioned to deliver value through our comprehensive portfolio, innovative offerings, significant free cash flow generation and strong financial position. With an outstanding combined team and collective track record of integrations, we are confident we will hit the ground running and successfully bring the businesses together. We look forward to welcoming our NexTier colleagues and starting this new chapter together," Andy Hendricks, Patterson-UTI President and CEO.