HOUSTON, Aug. 31, 2021 /PRNewswire/ -- NexTier
Oilfield Solutions Inc. (NYSE: NEX) ("NexTier" or the "Company")
today announced the successful completion of the previously
announced acquisition of all pressure pumping operations of Alamo
Pressure Pumping, LLC ("Alamo"),
fortifying its position as a leading Permian provider of low carbon
well completion solutions.
"We are pleased to have Alamo
join the NexTier team, which we expect to accelerate and magnify
the impact of our low-cost, low-carbon strategy, solidify our
market leadership position in next-generation technologies, and
enhance long-term shareholder value," said Mr. Robert Drummond, President and Chief Executive
Officer of NexTier. "The consolidation of Alamo onto our existing platform of
complimentary integrated solutions and proprietary digital
operating system, positions us to deliver significant value to our
customers and investors. We are excited to welcome our new
colleagues and look forward to working alongside them to deliver
leading service quality by executing safely, reliably and
efficiently for our combined customer base."
For additional information on the acquisition, please reference
the Investor Presentation and Transaction Announcement Press
Release issued on August 4, 2021,
both available on NexTier's investor relations website at
https://investors.nextierofs.com/.
Advisors
King & Spalding LLP served as NexTier's legal advisor, while
Piper Sandler & Co. served as
its financial advisor. Kirkland & Ellis LLP served as legal
advisor to Alamo.
About NexTier Oilfield Solutions
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 the most 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.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that are subject to risks and uncertainties and are made pursuant
to the safe harbor provisions of Section 27A of the Securities Act
of 1993, as amended and Section 21E of the Securities Exchange Act
of 1934, as amended. Where a forward-looking statement expresses or
implies an expectation or belief as to future events or results,
such expectation or belief is expressed in good faith and believed
to have a reasonable basis. The words "believe," "continue,"
"could," "expect," "anticipate," "intends," "estimate," "forecast,"
"project," "should," "may," "will," "would" or the negative thereof
and similar expressions are intended to identify such
forward-looking statements. These forward-looking statements are
only predictions and involve known and unknown risks and
uncertainties, many of which are beyond the Company's control.
Statements in this press release regarding NexTier, Alamo and the combined company that are
forward-looking, including projections as to the anticipated
benefits of the proposed transaction, the impact of the proposed
transaction on NexTier's and Alamo's business and future financial and
operating results, and the amount and timing of synergies from the
proposed transaction are based on management's estimates,
assumptions and projections, and are subject to significant
uncertainties and other factors, many of which are beyond NexTier's
control. These factors and risks include, but are not limited to,
(i) the competitive nature of the industry in which NexTier and
Alamo conduct their business,
including pricing pressures; (ii) the ability to meet rapid demand
shifts; (iii) the impact of pipeline capacity constraints and
adverse weather conditions in oil or gas producing regions; (iv)
the ability to obtain or renew customer contracts and changes in
customer requirements in the markets NexTier and Alamo serve; (v) the ability to identify,
effect and integrate acquisitions, joint ventures or other
transactions; (vi) the ability to protect and enforce intellectual
property rights; (vii) the effect of environmental and other
governmental regulations on NexTier and Alamo operations; (viii) the effect of a loss
of, or interruption in operations of, one or more key suppliers,
including resulting from inflation, COVID-19 resurgence, product
defects, recalls or suspensions; (ix) the variability of crude oil
and natural gas commodity prices; (x) the market price (including
inflation) and availability of materials or equipment; (xi) the
ability to obtain permits, approvals and authorizations from
governmental and third parties; (xii) NexTier's and Alamo's ability to employ a sufficient number
of skilled and qualified workers; (xiii) the level of, and
obligations associated with, NexTier's and Alamo's indebtedness; (xiv) fluctuations in
the market price of NexTier's stock; (xv) the duration (including
resurgences), impact and severity of the COVID-19 pandemic and the
response thereto, including the impact of social distancing,
shelter-in-place or shutdowns of non-essential businesses and
similar measures imposed or undertaken by governments, private
businesses or others, and the possibility of increased inflation,
travel restrictions, lodging shortages or other macro-economic
challenges as the economy emerges from the COVID-19 pandemic; and
(xv) other risk factors and additional information. In addition,
material risks that could cause actual results to differ from
forward-looking statements include: the inherent uncertainty
associated with financial or other projections; the effective
integration of Alamo's businesses
and the ability to achieve the anticipated synergies and
value-creation contemplated by the transaction; unanticipated
difficulties or expenditures relating to the transaction, the
response or retention of customers and vendors as a result of the
announcement and/or closing of the transaction; and the diversion
of management time on transaction-related issues. For a more
detailed discussion of such risks and other factors, see the
Company's filings with the Securities and Exchange Commission (the
"SEC"), including under the heading "Risk Factors" in Item 1A of
the Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2020, available on the
SEC website or www.NexTierOFS.com. The Company assumes no
obligation to update any forward-looking statements or information,
which speak as of their respective dates, to reflect events or
circumstances after the date hereof, or to reflect the occurrence
of unanticipated events, except as may be required under applicable
securities laws. Investors should not assume that any lack of
update to a previously issued "forward-looking statement"
constitutes a reaffirmation of that statement.
Investor Contact:
Kenneth Pucheu
Executive Vice President - Chief Financial Officer
Marc Silverberg
Partner (ICR)
marc.silverberg@icrinc.com
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SOURCE NexTier Oilfield Solutions