HOUSTON, TX / ACCESSWIRE / September 6, 2022 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today announced that Andy Hendricks, the company’s Chairman and Chief Executive Officer, will participate in a fireside chat during the Barclays CEO Energy-Power Conference on Wednesday, September 7, 2022 at 9:00 a.m. 45 Eastern Time. During the fireside chat, Mr. Hendricks will refer to an investor presentation filed today with the SEC and available in the investor relations section of the company’s website.
Mr. Hendricks said, “Strong demand for drilling and pressure pumping equipment and services, combined with the limited availability of additional equipment across the industry, continues to bode well for Patterson-UTI. contracts to secure access to the drilling rigs they need Since the end of the second quarter, we have signed forward contracts adding approximately $335 million of contract drilling backlog, including contracts with a major operator for five rigs under three-year contract terms On August 31, 2022, we had forward contracts for rigs in the United States forecasting future drilling revenues at the daily rate of approximately 690 million of dollars.
“In pressure pumping, we continue to operate on 12 frac margins and were able to secure agreements for higher rates with a number of customers during the third quarter. We believe that the strong market demand for high quality services will allow us to continue to improve our rates. “, he concluded.
To access the webcast of this Fireside Chat, go to the Investor Relations section of the Company’s webcast at investor.patenergy.com prior to the scheduled start time.
Patterson-UTI is a leading provider of petroleum services and products to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling services, pressure pumping and directional drilling. For more information, visit www.patenergy.com.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements which are protected as forward-looking statements under the Private Securities Litigation Reform Act of 1995 which are not limited to historical facts but reflect Patterson-UTI’s current beliefs, expectations or intentions. regarding future events. Words such as “anticipate”, “believe”, “budgeted”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “plan” , “predict”, “potential”, “”project”, “pursue”, “should”, “strategy”, “target” or “will” and similar expressions are intended to identify such forward-looking statements. The statements contained in this press release that are not historical statements, including statements regarding Patterson-UTI’s expectations, beliefs, plans, goals, financial conditions, assumptions, or future events or performance that are not facts historical statements, are forward-looking statements within the meaning of the federal securities laws.These statements are subject to numerous risks and uncertainties, many of which are beyond Patterson-UTI’s control, which could cause actual results to differ materially. solved States expressed or implied by the statements. These risks and uncertainties include, but are not limited to: adverse conditions in the oil and natural gas industry, including due to the economic impacts of the COVID-19 pandemic; global economic conditions; volatility in customer spending and oil and natural gas prices which could adversely affect demand for Patterson-UTI’s services and their related effect on rates; excessive availability of land drilling rigs, pressure pumping and directional drilling equipment, including as a result of reactivation, enhancement or construction; competition and demand for Patterson-UTI’s services; the impact of the ongoing conflict in Ukraine; strength and financial resources of competitors; expected usage, margins and capital expenditures; operational risk liabilities for which Patterson-UTI does not have and does not receive indemnification or full insurance; operating risks associated with oil and gas activity; non-payment or non-compliance by customers with their contractual obligations (particularly in terms of fixed-term contracts); the ability to realize the backlog; specialization in methods, equipment and services and new technologies, including the ability to develop and obtain satisfactory returns from new technologies; the ability to retain management and field staff; loss of key customers; shortages, delivery delays and supply disruptions of equipment and materials; cybersecurity events; the synergies, costs and financial and operational impacts of acquisitions; the timing, results and ultimate outcome of the integration of Pioneer Energy Services’ operations into Patterson-UTI; the effects of the acquisition on Patterson-UTI, including Patterson-UTI’s future financial condition, results of operations, strategy and plans; potential adverse effects or changes in business relationships resulting from the acquisition; failure to realize the synergies and other benefits expected from the acquisition; difficulty building and deploying new equipment; government regulation; laws, regulations and other climate-related risks; environmental, social and governance practices, including the perception thereof; environmental risks and the ability to meet future environmental costs; technology-related disputes; legal proceedings and actions by government agencies or other regulatory bodies; the ability to identify and effectively enter new markets; Weather report; operating costs; expansion and development trends in the petroleum and natural gas industry; the ability to obtain insurance coverage on commercially reasonable terms; financial flexibility; interest rate volatility; adverse credit and equity market conditions; the availability of capital and the ability to repay debt when due; stock price volatility; and the fulfillment of covenants under the Patterson-UTI debt agreements.
Additional information regarding factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in Patterson-UTI’s filings with the SEC. Documents filed by Patterson-UTI may be obtained by contacting Patterson-UTI or the SEC or through the Patterson-UTI website at http://www.patenergy.com or through the SEC’s Electronic Data Collection and Analysis System (EDGAR) at http://www.sec.gov. Patterson-UTI undertakes no obligation to publicly update or revise any forward-looking statements.
Vice President, Investor Relations
THE SOURCE: Patterson-UTI Energy, Inc.
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