Investor Presentaiton
Transaction Overview
•
Structure
Ownership
Leadership and
Governance
Company and
Headquarters
Path to Close
No-premium all-stock merger of equals
Implies total enterprise value of approximately $5.4 billion
0.7520 shares of Patterson-UTI common stock issued per outstanding share of NexTier common stock
Share exchange expected to be tax-free to shareholders of both companies
Pro-forma ownership of 55% Patterson-UTI shareholders and 45% NexTier shareholders on fully
diluted basis
Andy Hendricks, President and Chief Executive Officer of Patterson-UTI, to serve as President and Chief
Executive Officer
Robert Drummond, President and Chief Executive Officer of NexTier, to serve as Vice Chair of Board
Curtis Huff, Patterson-UTI's Chair of the Board, to serve as Chair of Board
11-member Board will comprise six directors from Patterson-UTI (including Mr. Hendricks) and five from
NexTier
Combined entity to be named Patterson-UTI Energy and traded under symbol PTEN
Completions segment to operate under the NexTier Completions brand
Combined company to be headquartered in Houston
Targeted close in Q4 of 2023
Subject to Patterson-UTI and NexTier shareholder approvals, regulatory approvals and satisfaction of other
customary closing conditions
PATTERSON-UTI
NEXTIER
MSA
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