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NexTier Oilfield Options (NYSE: NEX) +9.5% post-market and Patterson-UTI Power (NASDAQ: PTEN) +15.9% after The Wall Road Journal reported late Monday that the 2 oil service corporations are in talks a few doable merger.
NexTier (NEX), which was created by the 2019 merger between C&J Power Companies and Keane Group present nicely completion and manufacturing companies; its revenues greater than doubled to $3.24 billion in 2022, due partly to elevated fracking exercise and better costs.
Patterson-UTI (PTEN) is the second largest contract drilling rig provider after Helmerich & Payne, offering primarily super-specification rigs which might be essentially the most superior and environment friendly in the marketplace; The corporate’s income in 2022 was $2.7 billion, roughly double the earlier yr’s income.
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