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Business Combination | 6 Months Ended
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Jun. 30, 2023
Disclosure Text Block [Abstract] |
Business Combination | 2. Business Combination NexTier Oilfield Solutions Inc. On June 14, 2023, we and certain subsidiaries of ours entered into a merger agreement (the “NexTier Merger Agreement”) with NexTier Oilfield Solutions Inc. (“NexTier”). Under the terms of the NexTier Merger Agreement, at the effective time set forth in the NexTier Merger Agreement, subject to certain exceptions, each share of common stock of NexTier (“NexTier Common Stock”) then issued and outstanding immediately prior to the effective time (including outstanding restricted shares) will be converted into the right to receive 0.7520 shares of our common stock. Upon consummation of the transactions contemplated by the NexTier Merger Agreement, NexTier will be a wholly owned subsidiary of Patterson-UTI. NexTier is a predominately U.S. land-focused oilfield service company, with a diverse set of well completion and production services across a variety of active and demanding basins. The transaction is expected to close in 2023, subject to customary closing conditions and the approval of our and NexTier’s stockholders.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI https://asc.fasb.org/topic&trid=2303972 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4946-128472 + Details
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