Houston companies Patterson-UTI, NexTier to merge to form $5.4B shale services giant
said Thursday that they plan to merge, creating one of the largest players in the shale services sector.
The resulting company would be the biggest pure-play unconventional shale company in the sector, NexTier CEO Robert Drummond said in an interview. Areas of overlap between the two companies may result in layoffs, according to a sheet of frequently asked questions prepared for employees on file with the Securities and Exchange Commission. Hendricks said it is too early to say whether the merger would result in layoffs, given that it's unclear at this point what the market will look like in the fourth quarter.
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