Patterson-UTI Energy Company News

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Patterson-UTI to Expand USA Drilling Fleet 11%
Tuesday, July 06, 2021Patterson-UTI's Apex PK high-spec rig. PHOTO SOURCE: Patterson-UTI Energy

Signs Show Possible Onshore Uptick for 2021
Friday, September 25, 2020Rigzone panelists offer their insights on the top oil market hits and misses for the week ending Sept. 25, 2020.

Patterson-UTI's Executive Chairman Retires
Friday, April 10, 2020Curtis Huff will be appointed Non-Executive Chairman at the company's annual shareholder meeting.

Patterson-UTI Energy Cuts Capex 60 Percent YoY
Friday, April 03, 2020Executive compensation for 2020 has also been reduced by more than 50 percent.

Driller at Center of Oklahoma Well Blast has History of Deadly Accidents
Friday, January 26, 2018Patterson-UTI Energy, the contractor at the center of the deadliest U.S. drilling accident since the Deepwater Horizon rig explosion, has the second worst worker fatality rate among its peers, according to federal workplace safety data.

Walking Oil Rigs Spur Cheaper, Quicker Drilling in Supply Glut
Tuesday, September 01, 2015More efficient drilling rigs that cost a third less than just a year earlier are changing the face of the US shale industry, helping boost per-rig output in the 4 largest fields by at least 40%.

Patterson-UTI to Sell Stakes
Monday, May 10, 2010Patterson-UTI Energy announced the sale of certain oil and gas working interest rights for $22.3 million.

Patterson-UTI Reports Rig Count for March
Friday, April 02, 2010For the month of March 2010, Patterson-UTI had an average of 146 drilling rigs operating, including 138 rigs in the United States and 8 rigs in Canada.

Patterson-UTI: 131 Rigs Operating in U.S. for February
Tuesday, March 02, 2010Patterson-UTI reported that for the month of February 2010, the Company had an average of 146 drilling rigs operating, including 131 rigs in the United States and 15 rigs in Canada.

Patterson-UTI Energy Cites Strong Balance Sheet Exiting 2009
Thursday, February 11, 2010Patterson-UTI Energy reported financial results for the three and twelve months ended December 31, 2009. During the fourth quarter, the Company retired drilling assets including 21 drilling rigs.

Patterson-UTI Energy Notes Jan Drilling Activity
Tuesday, February 02, 2010During January 2010, Patterson-UTI Energy had an average of 136 drilling rigs operating, including 122 rigs in the United States and 14 rigs in Canada.

Patterson-UTI Nixes Drilling & Completion Fluid Services
Wednesday, January 20, 2010Patterson-UTI has exited the drilling and completion fluid services business.

Patterson-UTI Had Average of 104 Rigs Operating in November
Thursday, December 03, 2009Patterson-UTI Energy reported that for the month of November 2009, the Company had an average of 104 drilling rigs operating, including 96 rigs in the United States and 8 rigs in Canada.

Patterson-UTI Notes Drilling Activity for October 2009
Tuesday, November 03, 2009Patterson-UTI Energy reported that for the month of October 2009, the Company had an average of 88 drilling rigs operating, including 82 rigs in the United States and 6 rigs in Canada.

Patterson-UTI Sees Higher Demand in Rigs for 2010 Drilling Activities
Thursday, October 29, 2009"Consistent with the increase in demand, our spot market dayrates stabilized during the third quarter and have recently started to increase," stated Mark S. Siegel, Chairman of Patterson-UTI.

Patterson-UTI Underscores Drilling Activity for July 2009
Tuesday, August 04, 2009Patterson-UTI Energy has reported that for the month of July 2009, the Company had an average of 65 drilling rigs operating, including 63 rigs in the United States and 2 rigs in Canada.

Patterson-UTI Averages 60 Operating Drilling Rigs in June
Monday, July 06, 2009Patterson-UTI Energy reported that for the month of June, the Company had an average of 60 drilling rigs operating, including 58 rigs in the U.S. and 2 rigs in Canada.

Patterson-UTI Reports on Drilling Activity for May
Tuesday, June 02, 2009For the month of May, Patterson-UTI had an average of 60 drilling rigs operating, including 59 rigs in the U.S. and one rig in Canada.

Lower Costs Give Oil Drillers Breathing Room
Wednesday, May 20, 2009A long-awaited drop in the cost of drilling and maintaining wells has finally materialized, easing the pressure on oil and natural-gas producers.

Patterson-UTI Reports Drilling Activity for April 2009
Tuesday, May 05, 2009Patterson-UTI Energy Inc. reported that for the month of April 2009, the Company had an average of 69 drilling rigs operating, including 67 rigs in the U.S. and 2 rigs in Canada.

US Drilling Activity Off Sharply
Monday, December 15, 2008As oil and gas prices fall, drilling activity in the U.S. is slowing more than expected.

Patterson-UTI Reports 244 Drilling Rigs in Operation for Year
Wednesday, February 06, 2008Patterson-UTI Energy reported that for the month of January 2008, the Company had an average of 244 drilling rigs operating, including 229 rigs in the U.S. and 15 rigs in Canada.

Patterson-UTI Drilling Strong in US
Friday, January 04, 2008Patterson-UTI Energy has reported that for the month of December 2007, the Company had an average of 239 drilling rigs operating, including 230 rigs in the U.S. and 9 rigs in Canada.

Patterson-UTI Increases SCR Rig Fleet
Wednesday, October 10, 2007Patterson-UTI has acquired three recently refurbished SCR electric land drilling rigs and spare drilling equipment for $29 million.

Patterson-UTI Reports Financial Results for 2Q 2007
Thursday, August 02, 2007Patterson-UTI Energy reported financial results for the three and six months ended June 30, 2007.

Ambar Lone Star Opens Tyler Onshore Facility
Thursday, May 10, 2007Ambar Lone Star Fluid Services has completed a new 21,800-square-foot distribution and operations complex in Tyler, TX.

Patterson-UTI Ups Earnings by 81%
Thursday, February 22, 2007Patterson-UTI Energy, Inc. on Thursday announced record results for the year ended December 31, 2006.

Facing Flood of New Rigs, Drillers Lose Grip on Pricing
Monday, February 12, 2007Drillers have been able to play gas producers off one another the last few years, taking advantage of an historic shortage in manpower and equipment in North America. Now, producers are extracting a little payback.

Patterson-UTI Projects Q4 Earnings
Monday, January 22, 2007Patterson-UTI Energy, Inc. said that it currently expects fourth quarter of 2006 earnings per share to be in the range of $0.95 to $1.00.

Patterson-UTI Inks Deal to Purchase Rig Parts from National Oilwell Varco
Monday, August 28, 2006Patterson-UTI Energy has entered into an agreement to purchase approximately $100 million of rig components from National Oilwell Varco with scheduled delivery on various dates in 2007.

Patterson-UTI Announces Internal Investigation
Friday, November 11, 2005Patterson-UTI Energy reports that as a result of information received by senior management, the Audit Committee has begun an investigation into unauthorized payments made by the Company for assets which were not delivered to the Company.

Patterson-UTI Energy Announces Fourth Quarter Results
Thursday, February 17, 2005Patterson-UTI Energy announced its financial results for the fourth quarter and year ended 2004. Net income for the three months ended December 31, 2004 increased by 88 percent to $38.5 million, or $0.23 per share, from $20.45 million, or $0.12 per share for the fourth quarter of 2003.

Patterson-UTI Obtains Unsecured Revolving Credit Facility
Wednesday, December 22, 2004Patterson-UTI Energy has obtained a 5-year $200 million unsecured revolving credit facility through a bank group.

Patterson-UTI to Acquire Land Operations from Key Energy
Wednesday, December 08, 2004Patterson-UTI Energy has signed a definitive agreement to acquire the U.S. land drilling assets of Key Energy Services.

Patterson-UTI Energy Announces Stock Buyback Program
Monday, June 07, 2004Patterson-UTI Energy has authorized a stock buyback program for the purchase of up to $30 million of the Company's outstanding common stock.

Patterson-UTI Energy Increases Drilling Fleet to 361 Rigs
Thursday, February 12, 2004Patterson-UTI Energy and TMBR/Sharp Drilling jointly announced that they have completed their merger. This increases Patterson-UTI Energy's fleet to 361 rigs.

Patterson-UTI to Acquire TMBR/Sharp Drilling
Tuesday, May 27, 2003Patterson-UTI Energy will acquire the remaining outstanding shares of TMBR/Sharp Drilling, Inc.