Moody's says Patterson-UTI's merger with NexTier Oilfield enhances scale and does not affect ratings
Moody's Investors Service (Moody's) commented that Patterson-UTI Energy, Inc.'s (Patterson) all-stock merger with NexTier Oilfield Solutions Inc. (NexTier) does not affect Patterson's ratings (Baa3 stable). The transaction, which has a combined enterprise value of about $5.4 billion, will enhance t...Patterson-UTI Energy is an oilfield services company that primarily owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment. The company's business segments are: contract drilling services, which markets its contract drilling services to independent and other oil and natural gas operators; pressure pumping services, which provides pressure pumping services to oil and natural gas operators, primarily in Texas, the Mid-Continent region and the Appalachian region; and directional drilling services, which provides a suite of directional drilling services, including directional drilling and downhole performance motors in various onshore oil and natural gas basins.
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