Shale Fracker NexTier’s Stock Jumps as Demand Swells Revenue
- Oilfield servicer provides glimpse into state of play in shale
- Company says it had more workers out in December due to Covid
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NexTier Oilfield Solutions Inc. soared more than 20% after the fracking provider disclosed higher-than-expected quarterly sales, signaling an acceleration in U.S. shale drilling.
The Houston-based provider of pumps that blast water, sand and chemicals underground to crack open oil-soaked rocks said fourth-quarter revenue more than doubled to at least $500 million, almost 3% above the average of analysts’ forecasts in a Bloomberg survey. The shares jumped to $4.64 at 10:14 a.m. in New York for the biggest intraday gain since November 2020.