---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-168250"
form_type: "8-K"
ticker: "PTEN"
cik: "0000889900"
company_name: "PATTERSON UTI ENERGY INC"
filed_at: "2023-06-16T23:59:59+00:00"
generated_at: "2026-06-13T23:29:37.649501+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Patterson-UTI to merge with NexTier in all-stock deal; combined enterprise value $5.4B

## Summary
- All-stock merger of equals; PTEN shareholders own 55%, NexTier 45%; exchange ratio 0.7520.
- Combined annualized revenue $6.9B, adj. EBITDA $1.9B; expect ~$200M annual cost synergies within 18 months.
- Expected close Q4 2023; Andy Hendricks CEO, Curtis Huff Board Chair.
- Net debt to TTM EBITDA 0.5x; targeting returning 50%+ of FCF to shareholders.
- Creates leading drilling and completions provider with 172 super-spec rigs and 3.3M hydraulic horsepower.

## SEC filing metadata
- accession: 0001193125-23-168250
- form_type: 8-K
- ticker: PTEN
- cik: 0000889900
- company_name: PATTERSON UTI ENERGY INC
- filed_at: 2023-06-16T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/889900/000119312523168250/0001193125-23-168250-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/889900/000119312523168250/d506037d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-168250
- JSON: https://secwatch.observer/filing/0001193125-23-168250.json
- Plain text: https://secwatch.observer/filing/0001193125-23-168250.txt

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