4/A: Patterson-UTI Energy Inc. Executive Matthew Gillard Reports Acquisition of Shares and Restricted Stock Units Following NexTier Merger

Matthew Gillard, President-Completions at Patterson-UTI Energy Inc., reports acquiring shares and restricted stock units as a result of the merger with NexTier Oilfield Solutions Inc.

Summary

• Matthew Gillard, President-Completions at Patterson-UTI Energy Inc., filed an amendment to a Form 4 on March 4, 2024, reporting changes in beneficial ownership.
• The amendment corrects an error in a previous filing on September 6, 2023, regarding the number of restricted stock units acquired in the merger with NexTier Oilfield Solutions Inc.
• As a result of the merger, Gillard acquired 65,058 shares of Patterson-UTI Energy Inc. common stock.
• Gillard also acquired 270,470 restricted stock units (RSUs) and 244,889 cash-settled restricted stock units (Cash-Settled RSUs) in exchange for NexTier stock units.
• The RSUs vest at various dates between January 2, 2024, and January 2, 2026.
• The Cash-Settled RSUs will fully vest on December 31, 2024.
• The merger was completed on September 1, 2023, with each NexTier share converted into 0.7520 shares of Patterson-UTI Energy Inc.

Sentiment

Score: 7

Explanation: The document is a routine regulatory filing detailing executive compensation following a merger. The sentiment is neutral to slightly positive as it reflects the completion of a significant corporate event and continued executive alignment.

Positives

• The acquisition of shares and stock units reflects Gillard's continued stake in the merged company.
• The vesting schedules of the RSUs and Cash-Settled RSUs provide long-term incentives for Gillard.

Future Outlook

The document does not contain specific forward-looking statements beyond the vesting schedules of the restricted stock units.

Industry Context

The merger between Patterson-UTI Energy Inc. and NexTier Oilfield Solutions Inc. reflects a trend of consolidation in the oilfield services industry.

Comparison to Industry Standards

• Stock and equity grants are a common form of compensation for executives in publicly traded companies, particularly following mergers and acquisitions.
• The vesting schedules are typical for retention purposes, aligning executive interests with long-term company performance.
• Comparable companies such as Halliburton, Schlumberger, and Baker Hughes also utilize similar equity-based compensation plans.

Stakeholder Impact

• The acquisition of shares and stock units by an executive can signal confidence in the merged company's future to shareholders.
• The vesting schedules of the equity grants can incentivize the executive to drive long-term value creation.

Key Dates