Patterson-UTI, Nextier rise on report of merger talks

Nextier Oilfield Solutions

13/06/2023 13:29

** Shares of oilfield services cos Patterson-UTI Energy
 PTEN.O  up 9.5% at $11.80 and Nextier Oilfield Solutions
 NEX.N  up 5.7% at $8.68 premarket
    ** Wall Street Journal (WSJ) on Monday reported that NEX and
PTEN are holding talks over a possible merger, citing people
familiar with the matter
    ** Report, however, says deal is not imminent and it is not
certain the talks will result in a transaction
    ** YTD, shares of PTEN and NEX have fallen 36% and 11.2%,
respectively, through last close

 (Reporting by Tanay Dhumal in Bengaluru)
 ((Tanay.Dhumal@thomsonreuters.com; 
Twitter: https://twitter.com/TanayDhumal))