Patterson-UTI's Executive Chairman Retires

Patterson-UTI Energy announced that its Executive Chairman, Mark S. Siegel, plans to retire after more than 25 years of service. His retirement will be effective at the company's annual shareholder meeting, when Curtis Huff will be appointed Non-Executive Chairman. 

Huff has been a member of the board for 23 years and currently serves as the company's lead independent director.

Andy Hendricks, Patterson-UTI Energy's President and Chief Executive Officer, stated, "Mark's many contributions to Patterson-UTI and the U.S. land drilling industry as a whole have been incomparable and immeasurable …Under his visionary leadership, a small, regional drilling company, through both mergers and organic growth, has become a leading oilfield services company and a primary player in the U.S. unconventional shale revolution.”

“Although our industry is facing challenges on multiple fronts with the significant fall in oil prices and U.S. drilling and completion activity, I have no doubt that the supremely talented management team in place will continue to manage the company in a superb manner and enable Patterson-UTI to emerge a stronger company after these challenges and remain a leader in this industry,” Siegel said. “My decision is unrelated to the current industry circumstances; it is simply time for me to let others take charge."

Patterson-UTI provides oilfield services and products to oil and natural gas exploration and production companies in North America, including contract drilling, pressure pumping and directional drilling services. 

To contact the author, email bertie.taylor@rigzone.com.