About NexTier Oilfield Solutions Inc.
Headquartered in Houston, Texas, NexTier is an industry-leading U.S. land oilfield service company, with a diverse set of well completion and production
services across active and demanding basins. Our integrated solutions approach delivers efficiency today, and our ongoing commitment to innovation helps our customers better address what is coming next. NexTier is differentiated through four points
of distinction, including safety performance, efficiency, partnership and innovation. At NexTier, we believe in living our core values from the basin to the boardroom, and helping customers win by safely unlocking affordable, reliable and plentiful
sources of energy.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements which are protected as forward-looking statements under the Private Securities Litigation Reform Act of
1995 that are not limited to historical facts, but reflect Patterson-UTIs current beliefs, expectations or intentions regarding future events. Words such as anticipate, believe,
budgeted, continue, could, estimate, expect, intend, may, plan, predict, potential, project, pursue,
should, strategy, target, or will, and similar expressions are intended to identify such forward-looking statements. The statements in this press release that are not historical statements, including
statements regarding Patterson-UTIs future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts, are forward-looking
statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond Patterson-UTIs control, which could cause actual
results to differ materially from the results expressed or implied by the statements. The statements include, without limitation, projections as to the anticipated benefits of the proposed transaction, the impact of the proposed transaction on Patterson-UTIs and NexTiers businesses and future financial and operating results, the amount and timing of synergies from the proposed transaction, the combined companys projected revenues,
adjusted EBITDA and cash flow, accretion, business and employee opportunities, capital return policy, and the closing date for the proposed transaction, are based on managements estimates, assumptions and projections, and are subject to
significant uncertainties and other factors, many of which are beyond Patterson-UTIs control. These factors and risks include, but are not limited to: adverse oil and natural gas industry conditions;
global economic conditions, including inflationary pressures and risks of economic downturns or recessions in the United States and elsewhere; volatility in customer spending and in oil and natural gas prices that could adversely affect demand for Patterson-UTIs services and their associated effect on rates; excess availability of land drilling rigs, pressure pumping and directional drilling equipment, including as a result of reactivation, improvement
or construction; competition and demand for Patterson-UTIs services; the impact of the ongoing conflict in Ukraine; strength and financial resources of competitors; utilization, margins and planned
capital expenditures; liabilities from operational risks for which Patterson-UTI does not have and receive full indemnification or insurance; operating hazards attendant to the oil and natural gas business;
failure by customers to pay or satisfy their contractual obligations (particularly with respect to fixed-term contracts); the ability to realize backlog; specialization of methods, equipment and services and new technologies, including the ability
to develop and obtain satisfactory returns from new technology; the ability to retain management and field personnel; loss of key customers; shortages, delays in delivery, and interruptions in supply, of equipment and materials; cybersecurity
events; synergies, costs and financial and operating impacts of acquisitions; difficulty in building and deploying new equipment; governmental regulation; climate legislation, regulation and other related risks; environmental, social and governance
practices, including the perception thereof; environmental risks and ability to satisfy future environmental costs; technology-related disputes; legal proceedings and actions by governmental or other regulatory agencies; the ability to effectively
identify and enter new markets; public health crises, pandemics and