Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | NexTier Oilfield Solutions Inc. |
Entity Central Index Key | 0001688476 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | Pay vs. Performance Comparison In accordance with the Dodd-Frank Wall Street Reform and Consumer P Act Year Summary (1) Compensation (2) Average Non-CEO (3) Average Non-CEO (2) Value of initial fixed $100 Stated in Total (4) Peer Group (5) Net (6) Adjusted (7) 2022 10,359,617 32,357,272 2,288,043 5,023,217 137.91 112.94 314,969 656,830 2021 7,126,991 10,653,090 1,389,533 1,885,751 52.99 69.90 (119,423 ) 113,962 2020 7,948,892 4,613,785 2,283,536 1,715,633 51.34 57.70 (346,883 ) 78,976 (1) The dollar amounts reported are the amounts of total compensation reported for our CEO, Mr. Drummond, in the Summary Compensation Table (“SCT”) for fiscal years 2022, 2021 and 2020. (2) The dollar amounts reported represent the amount of compensation actually paid (as used and required to be computed in accordance with SEC rules, “CAP”). The dollar amounts do not reflect the actual amounts of compensation paid to our CEO or other NEOs during the applicable year. The following additions/(deductions) were applied to total compensation as reported in the Summary Compensation Table in determining compensation actually paid with respect to our CEO and, on average, our other NEOs: (3) The dollar amounts reflect the average total compensation for our NEOs, other than our CEO, reported in the “Total” column of the SCT. For 2021, reflects average total compensation for Messrs. Pucheu, McDonald and Gillard, as well as Mr. Henkes and Ms. Ngo-Burns, (4) Reflects cumulative total shareholder return of the Company, as of December 31, 2022, 2021 and 2020, calculated in accordance with Item 201(e) of Regulation S-K. (5) Reflects cumulative total shareholder return of the PHLX Oil Service Sector Index (the “OSX”), as of December 31, 2022, 2021 and 2020. The OSX is the peer group used by NexTier for purposes of Item 201(e)(1(ii) of Regulation S-K 10-K (6) Reflects net income (loss) as shown in NexTier’s Annual Report on Form 10-K (7) Reflects Adjusted EBITDA (as defined and used in our CD&A above), the Company-selected measure for 2022. For a reconciliation of net income to adjusted EBITDA, see Appendix B. CEO ($) Average NEO Excluding CEO 2022 2021 2020 2022 2021 2020 Total Compensation from SCT 10,359,617 7,126,991 7,948,892 2,288,043 1,389,533 2,283,536 Equity Award Adjustments: Grant date values in SCT (7,213,744 ) (4,999,999 ) (6,469,226 ) (1,236,031 ) (753,799 ) (960,544 ) Year-end RSU 5,641,907 3,549,365 1,541,495 1,000,919 556,553 312,925 PSU 3,972,930 5,299,051 3,150,770 — 724,910 429,511 PU 2,540,087 — — 1,213,929 — — Stock Option — — — — — — Change in fair value of awards granted in prior years and vested during the year RSU 752,290 97,522 (1,032,654 ) 118,478 18,553 (402,411 ) PSU (957 ) — — 3,067 — — PU — — — — — — Stock Option — — — — (4,752 ) (41,238 ) Vesting date fair value of awards granted and vested during the year RSU — — — — — 59,463 PSU — — — — — 59,463 PU — — — — — — Stock Option — — — — — — Change in fair value of awards granted in prior years that remain unvested at year end RSU 4,596,143 41,398 (525,492 ) 540,655 6,349 (21,619 ) PSU 11,708,999 (461,238 ) — 1,094,157 (51,596 ) — PU — — — — — — Stock Option — — — — — (3,453 ) Compensation Actually Paid 32,357,272 10,653,090 4,613,785 5,023,217 1,885,751 1,715,633 | ||
Company Selected Measure Name | Adjusted EBITDA | ||
Named Executive Officers, Footnote [Text Block] | (3) The dollar amounts reflect the average total compensation for our NEOs, other than our CEO, reported in the “Total” column of the SCT. For 2021, reflects average total compensation for Messrs. Pucheu, McDonald and Gillard, as well as Mr. Henkes and Ms. Ngo-Burns, | ||
Peer Group Issuers, Footnote [Text Block] | (5) Reflects cumulative total shareholder return of the PHLX Oil Service Sector Index (the “OSX”), as of December 31, 2022, 2021 and 2020. The OSX is the peer group used by NexTier for purposes of Item 201(e)(1(ii) of Regulation S-K 10-K | ||
PEO Total Compensation Amount | $ 10,359,617 | $ 7,126,991 | $ 7,948,892 |
PEO Actually Paid Compensation Amount | $ 32,357,272 | 10,653,090 | 4,613,785 |
Adjustment To PEO Compensation, Footnote [Text Block] | The dollar amounts reported represent the amount of compensation actually paid (as used and required to be computed in accordance with SEC rules, “CAP”). The dollar amounts do not reflect the actual amounts of compensation paid to our CEO or other NEOs during the applicable year. The following additions/(deductions) were applied to total compensation as reported in the Summary Compensation Table in determining compensation actually paid with respect to our CEO and, on average, our other NEOs: CEO ($) Average NEO Excluding CEO 2022 2021 2020 2022 2021 2020 Total Compensation from SCT 10,359,617 7,126,991 7,948,892 2,288,043 1,389,533 2,283,536 Equity Award Adjustments: Grant date values in SCT (7,213,744 ) (4,999,999 ) (6,469,226 ) (1,236,031 ) (753,799 ) (960,544 ) Year-end RSU 5,641,907 3,549,365 1,541,495 1,000,919 556,553 312,925 PSU 3,972,930 5,299,051 3,150,770 — 724,910 429,511 PU 2,540,087 — — 1,213,929 — — Stock Option — — — — — — Change in fair value of awards granted in prior years and vested during the year RSU 752,290 97,522 (1,032,654 ) 118,478 18,553 (402,411 ) PSU (957 ) — — 3,067 — — PU — — — — — — Stock Option — — — — (4,752 ) (41,238 ) Vesting date fair value of awards granted and vested during the year RSU — — — — — 59,463 PSU — — — — — 59,463 PU — — — — — — Stock Option — — — — — — Change in fair value of awards granted in prior years that remain unvested at year end RSU 4,596,143 41,398 (525,492 ) 540,655 6,349 (21,619 ) PSU 11,708,999 (461,238 ) — 1,094,157 (51,596 ) — PU — — — — — — Stock Option — — — — — (3,453 ) Compensation Actually Paid 32,357,272 10,653,090 4,613,785 5,023,217 1,885,751 1,715,633 | ||
Non-PEO NEO Average Total Compensation Amount | $ 2,288,043 | 1,389,533 | 2,283,536 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 5,023,217 | 1,885,751 | 1,715,633 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | The dollar amounts reported represent the amount of compensation actually paid (as used and required to be computed in accordance with SEC rules, “CAP”). The dollar amounts do not reflect the actual amounts of compensation paid to our CEO or other NEOs during the applicable year. The following additions/(deductions) were applied to total compensation as reported in the Summary Compensation Table in determining compensation actually paid with respect to our CEO and, on average, our other NEOs: CEO ($) Average NEO Excluding CEO 2022 2021 2020 2022 2021 2020 Total Compensation from SCT 10,359,617 7,126,991 7,948,892 2,288,043 1,389,533 2,283,536 Equity Award Adjustments: Grant date values in SCT (7,213,744 ) (4,999,999 ) (6,469,226 ) (1,236,031 ) (753,799 ) (960,544 ) Year-end RSU 5,641,907 3,549,365 1,541,495 1,000,919 556,553 312,925 PSU 3,972,930 5,299,051 3,150,770 — 724,910 429,511 PU 2,540,087 — — 1,213,929 — — Stock Option — — — — — — Change in fair value of awards granted in prior years and vested during the year RSU 752,290 97,522 (1,032,654 ) 118,478 18,553 (402,411 ) PSU (957 ) — — 3,067 — — PU — — — — — — Stock Option — — — — (4,752 ) (41,238 ) Vesting date fair value of awards granted and vested during the year RSU — — — — — 59,463 PSU — — — — — 59,463 PU — — — — — — Stock Option — — — — — — Change in fair value of awards granted in prior years that remain unvested at year end RSU 4,596,143 41,398 (525,492 ) 540,655 6,349 (21,619 ) PSU 11,708,999 (461,238 ) — 1,094,157 (51,596 ) — PU — — — — — — Stock Option — — — — — (3,453 ) Compensation Actually Paid 32,357,272 10,653,090 4,613,785 5,023,217 1,885,751 1,715,633 | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | |||
Compensation Actually Paid vs. Net Income [Text Block] | |||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | |||
Total Shareholder Return Vs Peer Group [Text Block] | |||
Tabular List [Table Text Block] | Pay for Performance Alignment The three most important financial performance measures used by our Compensation Committee to link CAP to our CEO and other NEOs in 2022, calculated in accordance with SEC regulations, to company performance is set forth below. The role of each of these performance measures in determining our NEOs’ compensation is discussed in the CD&A above. Adjusted EBITDA Free Cash Flow Total Shareholder Return | ||
Total Shareholder Return Amount | $ 137.91 | 52.99 | 51.34 |
Peer Group Total Shareholder Return Amount | 112.94 | 69.9 | 57.7 |
Net Income (Loss) | $ 314,969,000 | $ (119,423,000) | $ (346,883,000) |
Company Selected Measure Amount | 656,830,000 | 113,962,000 | 78,976,000 |
PEO Name | Mr. Drummond | ||
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Adjusted EBITDA | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Free Cash Flow | ||
Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Total Shareholder Return | ||
PEO [Member] | Grant Date Values In SCT [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (7,213,744) | $ (4,999,999) | $ (6,469,226) |
PEO [Member] | Year End Fair Value Of Awards Granted During The Year That Remain Unvested At Year End RSU [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 5,641,907 | 3,549,365 | 1,541,495 |
PEO [Member] | Year End Fair Value Of Awards Granted During The Year That Remain Unvested At Year End PSU [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 3,972,930 | 5,299,051 | 3,150,770 |
PEO [Member] | Year End Fair Value Of Awards Granted During The Year That Remain Unvested At Year End PU [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 2,540,087 | 0 | 0 |
PEO [Member] | Year End Fair Value Of Awards Granted During The Year That Remain Unvested At Year End Stock Option [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
PEO [Member] | Change In Fair Value Of Awards Granted In Prior Years And Vested During The Year RSU [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 752,290 | 97,522 | (1,032,654) |
PEO [Member] | Change In Fair Value Of Awards Granted In Prior Years And Vested During The Year PSU [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (957) | 0 | 0 |
PEO [Member] | Change In Fair Value Of Awards Granted In Prior Years And Vested During The Year PU [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
PEO [Member] | Change In Fair Value Of Awards Granted In Prior Years And Vested During The Year Stock Option [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
PEO [Member] | Vesting Date Fair Value Of Awards Granted And Vested During The Year RSU [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
PEO [Member] | Vesting Date Fair Value Of Awards Granted And Vested During The Year PSU [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
PEO [Member] | Vesting Date Fair Value Of Awards Granted And Vested During The Year PU [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
PEO [Member] | Vesting Date Fair Value Of Awards Granted And Vested During The Year Stock Option [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
PEO [Member] | Change In Fair Value Of Awards Granted In Prior Years That Remain Unvested At Year End RSU [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 4,596,143 | 41,398 | (525,492) |
PEO [Member] | Change In Fair Value Of Awards Granted In Prior Years That Remain Unvested At Year End PSU [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 11,708,999 | (461,238) | 0 |
PEO [Member] | Change In Fair Value Of Awards Granted In Prior Years That Remain Unvested At Year End PU [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
PEO [Member] | Change In Fair Value Of Awards Granted In Prior Years That Remain Unvested At Year End Stock Option [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
Non-PEO NEO [Member] | Grant Date Values In SCT [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (1,236,031) | (753,799) | (960,544) |
Non-PEO NEO [Member] | Year End Fair Value Of Awards Granted During The Year That Remain Unvested At Year End RSU [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,000,919 | 556,553 | 312,925 |
Non-PEO NEO [Member] | Year End Fair Value Of Awards Granted During The Year That Remain Unvested At Year End PSU [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 724,910 | 429,511 |
Non-PEO NEO [Member] | Year End Fair Value Of Awards Granted During The Year That Remain Unvested At Year End PU [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,213,929 | 0 | 0 |
Non-PEO NEO [Member] | Year End Fair Value Of Awards Granted During The Year That Remain Unvested At Year End Stock Option [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
Non-PEO NEO [Member] | Change In Fair Value Of Awards Granted In Prior Years And Vested During The Year RSU [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 118,478 | 18,553 | (402,411) |
Non-PEO NEO [Member] | Change In Fair Value Of Awards Granted In Prior Years And Vested During The Year PSU [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 3,067 | 0 | 0 |
Non-PEO NEO [Member] | Change In Fair Value Of Awards Granted In Prior Years And Vested During The Year PU [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
Non-PEO NEO [Member] | Change In Fair Value Of Awards Granted In Prior Years And Vested During The Year Stock Option [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | (4,752) | (41,238) |
Non-PEO NEO [Member] | Vesting Date Fair Value Of Awards Granted And Vested During The Year RSU [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 59,463 |
Non-PEO NEO [Member] | Vesting Date Fair Value Of Awards Granted And Vested During The Year PSU [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 59,463 |
Non-PEO NEO [Member] | Vesting Date Fair Value Of Awards Granted And Vested During The Year PU [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
Non-PEO NEO [Member] | Vesting Date Fair Value Of Awards Granted And Vested During The Year Stock Option [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
Non-PEO NEO [Member] | Change In Fair Value Of Awards Granted In Prior Years That Remain Unvested At Year End RSU [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 540,655 | 6,349 | (21,619) |
Non-PEO NEO [Member] | Change In Fair Value Of Awards Granted In Prior Years That Remain Unvested At Year End PSU [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,094,157 | (51,596) | 0 |
Non-PEO NEO [Member] | Change In Fair Value Of Awards Granted In Prior Years That Remain Unvested At Year End PU [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
Non-PEO NEO [Member] | Change In Fair Value Of Awards Granted In Prior Years That Remain Unvested At Year End Stock Option [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 0 | $ 0 | $ (3,453) |