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…
Patterson-UTI Energy
Articles from Patterson-UTI Energy
Patterson-UTI Expands Portfolio Further by Snapping Up Blackstone’s Ulterra Drilling
Only weeks after slapping down $5.4 billion to take over NexTier Oilfield Solutions, Patterson-UTI Inc. on Wednesday agreed to buy global drillbit specialist Ulterra Drilling Technologies LP. In the definitive agreement with sponsor Blackstone Energy Partners, Patterson-UTI agreed to pay $370 million cash and trade 34.9 million common shares. Patterson-UTI was trading for around $12.20/share…
July 5, 2023
Natural Gas Drilling Not Thrilling, but No Slowdown for Super-Specs, Says Patterson-UTI CEO
The weekly U.S. rig count reports may look cut-and-dried, but the seesaw in oil and natural gas activity doesn’t tell the full story. Just ask Patterson-UTI Energy Inc. CEO Andy Hendricks. It’s one thing to denote how many rigs are in operation and in what basins. A more pertinent question, though, is what type of…
April 18, 2023
Natural Gas Rig Count Likely Declining on Market ‘Softness,’ Says Patterson-UTI CEO
Lower 48 natural gas-directed rigs are likely to retreat because of weak prices, Patterson-UTI Inc. CEO Andy Hendricks said Thursday. Hendricks held a conference call to share quarterly results and discuss the outlook for contract drilling services, the company’s forté. At the end of January, the company had 130 rigs on average working in the…
February 14, 2023
Patterson-UTI Renews U.S. Drilling Contracts with ‘More Favorable Pricing than Expected’
Houston-based Patterson-UTI Energy Inc. expects to record net income of $100 million-plus for 4Q2022, a sharp turnaround from year-ago losses as Lower 48 drilling expands. The oilfield services company, which previewed earnings on Wednesday, had reported net losses for the fourth quarter of 2021. “In contract drilling, average rig revenue per day benefited primarily from…
January 5, 2023
Top-of-The-Line U.S. Drilling Equipment ‘Essentially Sold Out,’ Says Patterson-UTI Chief
With U.S. oil prices likely to remain above $70/bbl in the near term, expect to see a lot more Lower 48 drilling activity into 2022, according to Patterson-UTI Energy Inc. CEO Andy Hendricks helmed a conference call to discuss third quarter results and the outlook for the Houston-based oilfield services operator. He said there’s little…
November 2, 2021
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