Welcome to our dedicated page for Nextier Oilfield Solutions news (Ticker: NEX), a resource for investors and traders seeking the latest updates and insights on Nextier Oilfield Solutions stock.
NexTier Oilfield Solutions Inc. (NYSE: NEX), a leading U.S. land oilfield services provider, delivers essential well completion and production services across major basins. This dedicated news hub offers stakeholders timely updates on strategic developments, financial performance, and operational milestones.
Access authoritative information on NEX's industry advancements, including details about its transformative merger with Patterson-UTI Energy to create a $5.4 billion oilfield services leader. The page features verified updates on safety innovations, emissions reduction initiatives, and technological breakthroughs that enhance operational efficiency.
Key content includes earnings reports, merger progress updates, sustainability achievements, and partnership announcements. All materials maintain factual accuracy while avoiding speculative analysis, ensuring compliance with financial disclosure standards.
Bookmark this page for centralized access to NEX's official communications. Regular updates provide investors and industry observers with critical insights into the company's market position and strategic direction within the evolving energy sector.
NexTier Oilfield Solutions reported robust financial results for Q1 2023, with total revenue of $935.7 million, marking a 7% increase from Q4 2022. The net income surged to $254 million, or $1.07 per diluted share, boosted by a non-cash tax benefit of $107.4 million. Adjusted net income rose to $156.4 million, or $0.66 per diluted share. The company repurchased 5.9 million shares for $53.4 million in Q1 2023, totaling 17.4 million shares since the repurchase program began. Management expects continued revenue growth and strong demand for services in oil basins, forecasting a free cash flow of approximately $500 million for the year.
NexTier Oilfield Solutions announced plans to release its first quarter 2023 financial results on April 25, 2023, after market close. A conference call will follow on April 26, 2023, at 10:00 a.m. CT, hosted by CEO Robert Drummond and CFO Kenneth Pucheu. Investors can access the call via a live webcast or by phone. A replay will be available until May 3, 2023. The company emphasizes its commitment to innovation and efficiency as a leading U.S. land oilfield service provider.
NexTier Oilfield Solutions reported strong financial results for Q4 and full year 2022. Full year revenue reached $3.24 billion, up 128% year-over-year, with net income of $315 million ($1.26 per diluted share), compared to a net loss in 2021. In Q4, revenue was $870.9 million, down 3% sequentially, but net income increased to $133 million ($0.54 per diluted share). The company repurchased 11.5 million shares for $113 million in Q4 2022. Looking ahead, NexTier expects a revenue increase of at least 6% in Q1 2023 and aims for over $500 million in free cash flow for the year.
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