Contract driller Patterson-UTI Energy Inc. has no plans to add drilling or completion capacity in the Lower 48, as activity is forecast to remain flat through the year, but opportunities exist to enhance and expand the natural gas-powered fleets, CEO Andy Hendricks said.

Speaking to analysts during the recent quarterly conference call, Hendricks said the Houston-based oilfield services company would remain committed to optimizing performance to navigate an evolving energy sector landscape.

“While we do not see a benefit to adding drilling or completion capacity into the U.S. shale market, we do have several levers that we will focus on this year that should help us improve our returns as the year progresses,” Hendricks said. Among them are “alternative power solutions”...