American Oil and Gas Reporter - July 2023 - 93
IndustryFocus: Companies, People and Products
Patterson-UTI, NexTier Plan All-Stock Merger Of Equals
HOUSTON-Patterson-UTI Energy
Inc. and NexTier Oilfield Solutions Inc.
announce they have agreed to combine
through an all-stock merger of equals.
The combined company will have an
enterprise value of approximately $5.4
billion and will be an industry-leading
drilling and completions services
provider with operations in the most active
major U.S. basins, Patterson and
NexTier say. They add that it will have
strong free cash flow to accelerate the return
of capital to shareholders.
" This merger unites two top-tier and
technology-driven drilling and well completions
businesses, creating a leading
platform at the forefront of innovation, "
says Andy Hendricks, Patterson-UTI's
chief executive officer. " As one company,
we will have a significantly expanded,
comprehensive portfolio of oil field services
offerings across the most active producing
basins in the United States, along
with operations in Latin America. With
our combined strong balance sheet,
ample liquidity and greater free cash
flow, we will be well positioned to continue
to invest in technology, innovation
and people, while delivering strong cash
returns to shareholders. "
Hendricks continues, " NexTier shares
our culture of safety, deep customer relaVitol,
Riverstone Partner
To Fund Upstream Work
HOUSTON-Vitol and Riverstone
Credit Partners ( " RCP " ) announce they
have formed Valor Upstream Credit Partners
LP to make structured credit investments
in North American upstream oil
and gas companies. The fund primarily
will target event-driven financing opportunities
focused on debt refinancing, acquisition
funding and development capital,
Vitol and Riverstone say.
VCP will be managed by RCP. " As
traditional capital providers continue to
exit the space, we see tremendous opportunities
to partner with operators in
growing critical energy resources, " assess
RCP co-heads Christopher Abbate and
Jamie Brodsky. " We are thrilled to partner
with Vitol on this new investment platform,
which combines our energy credit
origination and structuring expertise
(with its) deep understanding of global
commodity markets. "
For more information, email vcp@riverstonecredit.com.
❒
JULY
2023 93
tionships and operational and financial
outperformance. Together, we will better
serve our employees, shareholders, customers,
suppliers and the communities in
which we operate. "
NexTier President and CEO Robert
Drummond says, " Our agreement to
merge with Patterson-UTI brings together
two complementary organizations
to create a premier North American
drilling and completions company. We
believe offering a comprehensive suite of
solutions on one integrated platform will
position the combined company as the
partner of choice for a greater number of
customers across geographies and
throughout the full well life cycle. We are
confident that together, we will be able to
drive efficiencies across the portfolio and
unlock more value for shareholders and
customers than either organization could
achieve on its own. "
For more information, visit
https://patenergy.com or https://nextierofs.com.
❒
BCCK
To Design, Build
Nitrogen Rejection Unit
HOUSTON-BCCK announces it has
been selected to design and fabricate a
NiTech®
nitrogen rejection unit (NRU)
facility in the Permian Basin.
The project will use BCCK's 220 million
cubic feet a day NiTech Style IV
NRU, which BCCK says is designed for
plants operating in both ethane recovery
and in rejection. The Style IV NRU, the
company's latest update, can achieve high
recoveries for optimal efficiency and
lower greenhouse emissions, BCCK reports,
adding that the modular design reduces
installation costs.
" We are excited for the opportunity
to expand our reach in West Texas and
demonstrate BCCK's vast gas processing
and nitrogen removal knowledge through
our patented NiTech NRU process, "
says BCCK Executive Vice President
Greg Hall.
For more information, visit
www.bcck.com.
TGS Introduces Platform For Analyzing Well Data
HOUSTON-TGS has unveiled Well
Data Analytics, which the company introduces
as an affordable and comprehensive
cloud-based analytics platform.
By leveraging TGS' extensive data
portfolio, which encompasses every major
U.S. basin, this platform offers unparalleled
access to highly competitive
well data within seconds, enabling efficient
analysis and effective decisionmaking,
TGS says. The streamlined analytics
tool also provides fast and easy
access to vast cloud-based well data resources
that are already quality controlled
and ready to use, the company adds.
Well Data Analytics combines highly
adaptable search workflows, multivariate
map-based visualizations and analytics,
To help users extract
patterns and
trends from well
data with exceptional
clarity, TGS says
its Well Data Analytics
platform offers
configurable map
layers, production
plots, type curves
and bubble map visualizations.
❒
advanced
time-series plotting, benchmarking
tools, and highly customizable
dashboard layouts with high-quality
well data and well performance data,
TGS continues. The company says these
key features allow users to benchmark,
predict and optimize well performance
easier and with more accuracy.
The platform's well data includes
headers, directional surveys, production
metrics, completions details, wellbore
spacings, forecasts, estimated ultimate
recoveries, drill stem tests, permits, geologic
data and formation tops, TGS
describes.
For more information, visit
www.tgs.com/products-services/well-data.
❒
https://www.patenergy.com
https://nextierofs.com
http://www.bcck.com
https://nextierofs.com
http://www.tgs.com/products-services/well-data
http://vcp@riverstonecredit.com
American Oil and Gas Reporter - July 2023
Table of Contents for the Digital Edition of American Oil and Gas Reporter - July 2023
Contents
American Oil and Gas Reporter - July 2023 - Intro
American Oil and Gas Reporter - July 2023 - Cover1
American Oil and Gas Reporter - July 2023 - Cover2
American Oil and Gas Reporter - July 2023 - Contents
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American Oil and Gas Reporter - July 2023 - Cover3
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