---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-167408"
form_type: "8-K"
ticker: "PTEN"
cik: "0000889900"
company_name: "PATTERSON UTI ENERGY INC"
filed_at: "2023-06-15T23:59:59+00:00"
generated_at: "2026-06-14T00:47:39.113150+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Patterson-UTI and NexTier to merge in all-stock merger of equals, approx $5.4B enterprise value

## Summary
- Exchange ratio: 0.7520 PTEN shares per NEX share; PTEN holders own ~55%, NEX ~45% on fully diluted basis.
- Combined enterprise value ~$5.4B; expected ~$200M annual cost & operational synergies within 18 months of close.
- Leadership: Curtis Huff to chair board, Robert Drummond to serve as vice chair, Andy Hendricks to remain CEO.
- Merger expected to be accretive to EPS and free cash flow per share in 2024; structured as tax-free to shareholders.
- Support agreement covers ~32.3M NEX shares held by Keane Investor Holdings and Cerberus Capital Management.

## SEC filing metadata
- accession: 0001193125-23-167408
- form_type: 8-K
- ticker: PTEN
- cik: 0000889900
- company_name: PATTERSON UTI ENERGY INC
- filed_at: 2023-06-15T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 5.03, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/889900/000119312523167408/0001193125-23-167408-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/889900/000119312523167408/d494894d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-167408
- JSON: https://secwatch.observer/filing/0001193125-23-167408.json
- Plain text: https://secwatch.observer/filing/0001193125-23-167408.txt

## Key facts
- Governance Changes
  PATTERSON UTI ENERGY INC: Added a forum selection provision requiring that internal corporate claims be brought in Delaware courts and Securities Act claims be brought in federal district court (effective 2023-06-14).
  - Change: bylaw amendment
  - Effective: 2023-06-14
  source text: On June 14, 2023, the Board amended Patterson-UTI’s bylaws to add a new forum selection provision.
  evidence_url: https://www.sec.gov/Archives/edgar/data/889900/000119312523167408/0001193125-23-167408-index.htm
- Material Agreements
  PATTERSON UTI ENERGY INC entered into Agreement and Plan of Merger with NexTier Oilfield Solutions Inc. (effective 2023-06-14).
  - Action: entry
  - Agreement: merger
  - Counterparty: NexTier Oilfield Solutions Inc.
  - Effective: 2023-06-14
  source text: On June 14, 2023, Patterson-UTI Energy, Inc., a Delaware corporation (“ Patterson-UTI ”), Pecos Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of Patterson-UTI (“ Merger Sub Inc. ”), and Pecos Second Merger Sub LLC, a Delaware limited liability company and wholly owned subsidiary of Patterson-UTI (“ Merger Sub LLC ”), entered into an Agreement and Plan of Merger (the “ Merger Agreement ”) with NexTier Oilfield Solutions Inc., a Delaware corporation (“ NexTier ”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/889900/000119312523167408/0001193125-23-167408-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.