Nine Energy Service (NYSE: NINE) is an oilfield services company that provides well completion and intervention services to exploration and production operators across major U.S. unconventional basins. Revenue comes from transactional, spot-market contracts for coiled tubing, cementing, and completion tools, meaning revenue and profitability move closely with U.S. rig, frac, and stage counts. The company filed voluntary Chapter 11 bankruptcy petitions on February 1, 2026, and the 10-K filed March 4, 2026 carries a going-concern qualification from auditors. Operations span basins including the Permian, Haynesville, Marcellus/Utica, Bakken, Eagle Ford, SCOOP/STACK, Rockies, and Barnett, with additional locations in Alberta, Canada and Bergen, Norway. From January 2018 through December 2025, Nine completed approximately 30,300 cementing jobs at an 89% on-time rate. The company carries 13.000% Senior Secured Notes due 2028 and entered a debtor-in-possession ABL facility of up to $125.0 million as part of its restructuring support agreement.

Revenue model

Spot-market, transactional pricing for oilfield services. Revenue tracks U.S. rig, frac, and stage counts directly. No subscription or recurring-contract structure disclosed. Services billed per job across coiled tubing operations, cementing jobs, and completion tool sales.

Products and services

Coiled tubing services using continuous steel pipe up to 30,000 feet, including extended-reach units capable of reaching total measured depths of 27,000 feet and lateral lengths exceeding 12,500 feet, in diameters of 1 1/4", 2", 2 3/8", and 2 5/8". Cementing services with dual-sided bulk loading plants and in-house lab capabilities. Completion tools including composite, hybrid, and dissolvable frac plugs with patented tool designs and proprietary materials, liner hangers, fracture isolation packers, frac sleeves, stage one prep tools, casing flotation tools, disk subs, composite cement retainers, centralizers, and a multi-cycle barrier valve.

Customers and end markets

Exploration and production operators drilling and completing unconventional oil and gas wells in the U.S. Demand is directly tied to WTI oil prices and natural gas prices. WTI fell below $60 per barrel in Q2 2025 for the first time in four years, triggering customer activity reductions. Baker Hughes data cited in the filing shows 46 rigs exited the U.S. market from end of Q1 2025 through end of 2025, an approximately 8% decline, with most losses in the Permian Basin.

Value-chain role

Oilfield services contractor operating downstream of drilling and upstream of production. Provides wellbore intervention and completion services at the wellsite on a per-job basis. Holds patented tool designs and proprietary dissolvable materials for completion tools. Faced IP litigation in April 2020 over its BreakThru Casing Flotation Device; a jury found against Nine in January 2022 and the verdict was under appeal as of the filing date.

Geographic exposure

Primary U.S. operations across Permian Basin (Midland, Hobbs, Monahans, Sweetwater TX), Haynesville (Kilgore, Longview, Tyler TX), Marcellus/Utica (Charleroi PA, Marietta OH, Ulster PA), Bakken (Baker MT, Dickinson ND, Williston ND), Eagle Ford (Pleasanton TX), SCOOP/STACK (El Reno OK), Rockies (Mead CO), and Barnett (Jacksboro TX). International locations include Lacombe, Alberta, Canada (Western Canadian Sedimentary Basin) and Bergen, Norway. Corporate headquarters in Houston, TX.

Source: SEC 10-K, filed 2026-03-04

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