NexTier Oilfield-Patterson-UTI Energy In Merger Talks: Report

NexTier Oilfield Solutions Inc NEX and Patterson-UTI Energy Inc PTEN are reportedly in a merger talk, which will create a significant player in the oil field services industry.

A deal isn't nearing closure, and there is no surety of talks getting materialized into an agreement, said WSJ.

In April, NEX reported Q1 2023 of $935.7 million, which beat the consensus of $926.7 million, and adjusted EPS of $0.66 surpassed the street estimate of $0.61. 

As of March 31, 2023, NEX's total available liquidity was $630.5 million, including cash and cash equivalents of $218.5 million.

Also, PTEN's Q1 2023 revenues of $791.8 million surpassed the consensus of $756.2 million, and EPS of $0.46 was above the street estimate of $0.35. 

As of March 31, 2023, cash and cash equivalents stood at $157.2 million.

Price Action: NEX shares closed lower by 3.41% at $8.21, while PTEN shares closed lower by 4.69% at $10.78 on Monday.