C&J Energy Services and Keane Group announced that the shareholders of both companies approved all of the proposals. Company announced that the Board of Directors of the Company made a determination of surplus under Delaware law. Company announced the future executive leadership team of the combined company effective upon completing their pending merger. It necessary for the closing of the previously announced all-stock merger of equals between Keane and C&J. Chief Executive Officer of Keane will attend and jointly present at the Barclays CEO Energy-Power Conference.
Company also announced financial and operating results for the second quarter ended June 30, 2019. The merger of equals is anticipated to close on October 31, 2019. Company announced that it will issue its second quarter 2019 financial and operating results on Tuesday. Highly complementary businesses create One of the Largest U.S. Well Completion Services Companies. The grew consolidated revenue 35.6% year-over-year to $2.2 billion. It following the satisfaction of other customary closing conditions. The ratified its prior declaration of a cash dividend of $1.00 per share.
Robert Drummond, the designated CEO says “We are pleased that shareholders voted in favor of this combination”.
Upon the closing of the merger, C&J and Keane will create a new leading well completion. The holders of record at the close of business on October 18, 2019, to be payable on October 30, 2019. Consolidated revenue totaled $501.1 million resulting in a net loss of $110.3 million, an Adjusted net loss of $13.1 million. In conjunction with this release, C&J Energy Services has scheduled a conference call for 10:00 a.m. E.T. The production services company to be called NexTier Oilfield Solutions Inc. The slide presentation to be referenced at the event will be available on the C&J website.
The Net cash increased $25.5 million resulting in free cash flow(1) generation. It generated a net loss of $130.0 million with consolidated Adjusted EBITDA(1) of $283.7 million. About C&J Energy Services C&J Energy Services is a leading provider of well construction and intervention. The enhanced Scale and Footprint in Most Active U.S. Basins Serving an Expanded Blue-Chip Customer Base. Net increase in cash of $21.9 million with free cash flow(1) generation of $66.3 million. NexTier Oilfield Solutions’ common stock will trade on the New York Stock Exchange under the ticker symbol “NEX”.
The announcement is another important step forward in merging our highly complementary businesses. C&J Energy Services, Inc. is a leading provider of well construction and intervention, well completion. It executed on our disciplined returns focused strategy. At the special meeting of C&J shareholders held in Houston, C&J shareholders voted to approve the pending transaction with Keane. It initiated $150.0 million share buyback program and repurchased $40.4 million of C&J common stock. Approximately 83% of the outstanding shares of C&J common stock voted at the C&J special meeting.
Oilfield services to oil and gas exploration and production companies throughout the United States. Supplemental materials referenced on the conference call will be posted immediately prior to the call in the investor relations section. It expected to be Immediately Accretive to Cash Flow per Share. More than 99% of the votes cast in favor of adoption of the merger agreement. The executive leadership team reflects the strengths of both Keane and C&J and possesses the qualities. Company offer a diverse, integrated suite of services across the life cycle of the well.
At the special meeting of Keane shareholders held in Houston, Keane shareholders voted to approve the pending transaction. 2018 was another strong year for C&J Energy Services. It generate Annualized Run-Rate Cost Synergies of $100 Million Within a Year After Closing. Approximately 90% of the outstanding shares of Keane common stock voted at the Keane special meeting. Each executive has exemplary industry expertise, and collectively. More than 99% of the votes cast in favor of approving the issuance of Keane common stock to current C&J stockholders.
Company offer a comprehensive suite of services throughout the life cycle of the well. Idled two horizontal and one vertical fracturing fleet and other under-utilized equipment. The approvals represent a key milestone in completing the transaction and clearly support the view. Strong Financial Position with Increased Liquidity and Attractive Free Cash Flow Generation Enables Platform. It will provide many strategic and financial benefits. It including fracturing, cased-hole wireline and pumpdown, cementing, coiled tubing, rig services. It increased scale and density across services and geographies and a prominent presence.
Don Gawick, president and CEO says “We appreciate the strong support we have received from shareholders for the transaction”.
Mr. Driver, Mr. Keppler and Mr. Renshaw are currently executives of C&J. Texas and operate across all active onshore basins of the continental United States. Company look forward to continuing work together to realize the value. Company grew annual revenue to a company record $2.2 billion, generating Adjusted EBITDA of $283.7 million. Safety-Focused, Customer-Oriented Cultures Empower Employees to Deliver Service Quality. The merger of equals remains on target to close in the fourth quarter of 2019. It Continued streamlining SG&A costs and reduced SG&A headcount by 11% since year-end 2018.
The combination can bring employees, shareholders, customers, suppliers, and the communities. C&J and Keane shareholder approval and receipt of other customary closing conditions. It divested the majority of South and West Texas fluids management assets on July 31, 2019. The preparation for proposed merger of equals with Keane Group. The joining Highly Talented Workforces with a Shared Commitment to Best Practices. Keane is one of the largest pure-play providers of integrated well completion services. C&J and Keane will each file the final vote results for their respective special meetings on a Form 8-K with the U.S. Securities.